U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-KSB

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

          For year ended December 31, 2003 Commission File No. 0-28575


                       RENEGADE VENTURE (NEV.) CORPORATION
                       -----------------------------------
        (Exact name of small business issuer as specified in its charter)


                  NEVADA                                   84-1108499
                  ------                                   ----------
     (State or other jurisdiction of                    (I.R.S. Employer
     incorporation or organization)                    Identification No.)


         6901 South Park Avenue
         Tucson, Arizona 85706                           (520) 294-3481
         ---------------------                           --------------
 (Address of Principal Executive Offices)           (Issuer's Telephone No.)


        Securities registered pursuant to
          Section 12(b) of the Act:                           NONE


           Securities registered pursuant to Section 12(g) of the Act:
                         Common stock, $.001 par value


Check whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for at least the
past 90 days. [ X ] Yes [ ] No

Check if no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [ X ] Yes [ ] No

The registrant's revenues for its most recent fiscal year were $15,378,352. At
December 31, 2003, a total of 25,830,000 shares of common stock were
outstanding, and the aggregate market value of the 7,200,000 shares of common
stock of the registrant held by non-affiliates on March 1, 2003, was
approximately $1,872,000 (based on the closing sales price of the common stock
(as reported on the OTC Bulletin Board maintained by the NASD on such date,
which was $0.26 per share).

<PAGE>

                           FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements and information relating
to Renegade Venture (NEV) Corporation ("Renegade") and its wholly owned
subsidiary Hamilton Aerospace Technologies Inc. ("HAT") that are based on the
beliefs of our management as well as assumptions made by and information
currently available to our management. When used in this report, the words
"anticipate", "believe", "estimate", "expect", "intend", "plan" and similar
expressions, as they relate to Renegade, HAT, or its management, are intended to
identify forward-looking statements. These statements reflect management's
current view of Renegade and HAT concerning future events and are subject to
certain risks, uncertainties and assumptions, including among many others:
relating to our results of operations, competitive factors, shifts in market
demand, and other risks and uncertainties (including those described under "Risk
Factors" below and elsewhere in this report), our ability to generate sufficient
working capital to meet our operating requirements and service our indebtedness,
our ability to refinance our secured debt, or to convert such debt to equity,
maintaining good working relationships with our vendors and customers, our
ability to attract and retain qualified personnel, future terrorist-related
activities, economic factors that affect the aviation industry, changes in
government regulation, increases in fuel prices, and the overall economy.


                                     PART I


ITEM 1. DESCRIPTION OF BUSINESS

Renegade Venture (NEV.) Corporation, a Nevada corporation ("Renegade"), is a
public company that trades in the U.S. over-the-counter market. Our common stock
is quoted on the OTC Bulletin Board under symbol RDVN. On May 2, 2002, Renegade
acquired newly formed aviation company Hamilton Aerospace Technologies, Inc., a
Delaware corporation ("HAT") in a stock-for-stock exchange. HAT was formed on
April 5, 2002, to create a premier provider of large aircraft maintenance,
repair, overhaul and modification ("MROM") services to owners and operators of
certain Transport Category commercial jet aircraft. Its customers are all
aircraft operators, including passenger and cargo air carriers, and aircraft
leasing companies.

HAT is an aircraft repair station licensed by the Federal Aviation
Administration (FAA) and by the Joint Aviation Authority of the European
Economic Community (JAA), and is known as an "Air Agency" in FAA parlance. Its
MROM services include maintenance, repair, overhaul and modification services
for narrow-body Transport Category aircraft, repair and overhaul services on a
wide range of aircraft components and aircraft interiors, and servicing of Pratt
& Whitney JT8D and General Electric CFM56 engines. Our major modification
services comprise the conversion of passenger aircraft to freighter
configuration and technical support for third party modification programs. In
order to control overhead expense, some services are outsourced, such as engine
overhaul.

MROM facilities such as HAT are "apex" companies in the aviation industry. While
the airlines and large leasing operators get the lion's share of attention, the
repair stations occupy a truly pivotal role for the following reasons:

     First, no modification, service or repair can be made to any aircraft, nor
     can any parts be installed, inspected or certified, except by FAA-certified
     repair facilities.

     Second, aircraft require regular inspection and maintenance in accordance
     with FAA regulations and must regularly visit repair stations.

     Third, most operators must as a matter of economics rely on repair stations
     to obtain parts for them, and many operators rely on repair stations
     entirely to manage their parts usage and even their line fleet.

     Fourth, when operator customers have parts inventories to be disposed of or
     planes to be torn down and parted out, repair stations are called upon to
     do the work and find buyers for the parts.

     Fifth, because of their closeness to their operator customers, repair
     stations usually are the first to learn of bargains on parts inventories
     and aircraft and usually have first crack at finding a buyer or lessee for
     a customer aircraft.

     Sixth, repair stations can avoid many of the effects of aviation downturns,
     until large numbers of aircraft are mothballed, because they are not
     affected to nearly as great an extent as airlines by fuel prices, air
     travel and similar factors. After all, air fleets still must undergo
     scheduled maintenance irrespective of industry conditions.

     Seventh, HAT's extensive working relationships with aircraft leasing
     companies, airlines, subcontractors and vendors provides an ideal basis for
     identifying and evaluating further asset and company acquisitions.

<PAGE>

                                 Asset Purchase

HAT has agreed to purchase certain assets and leasehold interests from Hamilton
Aviation, Inc., a company in Chapter 11 reorganization that formerly occupied
the facilities now occupied by HAT. The Bankruptcy Court approved the purchase
as part of the reorganization plan. The purchase includes all the ramp
equipment, special tooling, office furnishings and equipment, including phone
and computer systems necessary to perform the functions required to operate the
FAA-approved aircraft repair station. These assets are located in the HAT
facility and are being used daily in HAT's operations. More specifically, the
equipment and tooling includes:

o    Ground equipment consisting of stands, compressors, jacks, tugs, power and
     hydraulic equipment, etc.

o    Special tools appropriate to the specific type of aircraft applied for on
     the FAA Air Agency application, including engine slings, jack pads, hand
     tools, special fittings, etc.

o    Computer hardware and software relevant to the inventory purchased and
     repair logistics management

o    Machinery including drill presses, lathes, shears, brakes, presses and
     other machine shop equipment.

o    General tools used in repair, maintenance and modification of any
     commercial aircraft.

The purchase agreement also includes certain intellectual property assets from
Hamilton Aviation as well as the estate of Gordon B. Hamilton (deceased),
including all uses of the name "Hamilton," "Hamilton Aviation," "Gordon B.
Hamilton," "Gordon D. Hamilton," "Hamilton Brothers," and "Hamilton
Aeronautics." The terms of this agreement were still in the negotiation stage at
December 31, 2003.

                                 Our Operations

As your jet rolls away from the gate and over the tarmac toward the runway,
you've noticed the huge hangar buildings in which large commercial jets were
being serviced. This is exactly what HAT does. HAT was created to provide large
aircraft maintenance, repair, overhaul and modification services to owners and
operators of Transport Category commercial jet aircraft. Its customers are all
aircraft operators, including passenger and cargo air carriers and aircraft
leasing companies.

When economic factors adversely affect the airline industry, they tend to reduce
the overall demand for aircraft maintenance and repair services, causing
downward pressure on pricing and increasing the credit risks associated with
doing business within the industry. Additionally, the price of fuel affects the
aircraft maintenance and repair markets, since older aircraft, which consume
more fuel and which account for most of our aircraft maintenance and repair
business, become less viable as the price of fuel increases. We cannot assure
you that economic and other factors that have affected the airline market in the
past and may affect the airline industry in the future will not adversely impact
our business, financial condition or results of operations. However, since
inception, HAT has aggressively increased its market share by focusing on
quality service, turn time, breadth of services offered and by, where necessary,
offering price concessions and fixed prices for certain services.

                                  MROM Services

HAT is full-service aviation maintenance and modification repair facility that
concentrates on large narrow body jets, such as the Boeing 727 and 737 and the
DC9 and MD80 series aircraft, and it primarily does heavy maintenance and
component overhaul on those aircraft. HAT has extensive engine hush-kit
experience including Federal Express and Raisbeck kits for Boeing 727 aircraft,
ABX kits for DC9 aircraft, as well as Nordam and AvAero kits for Boeing 737
aircraft. Below is a brief description of HAT's core services:

o    Routine minor and major maintenance (phase checks A, B, C and D)
o    Corrosion control and prevention programs
o    Structural inspections
o    Avionic upgrades
o    Interior reconfiguration and refurbishment
o    Strip and paint services to operators' livery requirements
o    Comprehensive systems and structural modifications
o    Flight test support
o    Component overhaul

<PAGE>

Aircraft Heavy Maintenance and Repair

Maintenance and repairs for narrow body commercial jet aircraft constitutes
HAT's core business. These services include simple repairs and servicing, heavy
maintenance referred to as a "C-check" and complete overhaul referred to as a
"D-check." In addition, HAT performs major configuration changes of commercial
aircraft, such as interior reconfiguration and conversion from passenger service
to cargo service. Each airline operator has a governmental-approved and mandated
maintenance schedule for each of its commercial aircraft on the line. Certain
maintenance is typically performed by the operator's maintenance personnel (for
example, daily line checks), while other, more substantial maintenance can be
self-performed or contracted out to certified repair stations such as HAT.

HAT provides services for each aircraft under a Maintenance and Service
Agreement (MSA) with each operator. These contracts are generally fixed-price
labor-only, with a cap on hours expended on unforeseen repairs. Parts are either
provided by the operator or can be procured by HAT and resold to the operator.
Delivery of the aircraft to and from HAT's facility are at the operator's cost
and risk, and HAT requires each operator to execute a Final Acceptance and
Release which acknowledges that the services have been performed properly, that
the commercial aircraft is airworthy, and which, apart from contractual
warrantees, releases HAT from any financial or legal responsibility with respect
to the aircraft and services. With certain larger customers such as Jetran
International, HAT has entered into a General Terms Agreement, which is an
umbrella agreement that covers the general framework for all services HAT
expects to render to the customer. The MSA relates to one or more particular
aircraft to be worked on.

As applied to large commercial jets, the term "maintenance" is a broad one that
includes regular and routine inspections, heavy maintenance ("C-checks"),
scheduled major overhauls ("D-checks"), Airworthiness Directives, Service
Bulletins, Structurally Significant Inspection Documents ("SSIDs"), and other
aging aircraft requirements to assure the continued integrity of commercial
aircraft. All such services are performed under FAA regulations, and only a
licensed facility can provide them.

HAT is qualified to perform all levels of maintenance service from pre-flight
checks up through complete major overhauls ("D" checks). Because of its low
overhead structure and the experience of its employees, HAT is widely recognized
throughout the industry as a leading provider of cost-effective, quality
maintenance services for Boeing 727 and 737 and DC9/MD80 aircraft. HAT is now
building its reputation in the newly entered regional jet maintenance market and
also intends to add Boeing 757 aircraft to it certification.

In addition to scheduled maintenance services, HAT also offers quality
refinishing and repainting and return-to-service maintenance. HAT also offers
numerous related services, such as worldwide commercial aircraft pre-purchase
inspection and appraisal services, post-purchase configuration, maintenance and
operational program development, post-contract and post-lease condition
assessment, commercial aircraft accident assessment and recovery, flight line
maintenance and termination of lease recovery, and aircraft storage and storage
maintenance.

Component Overhaul

In order to better support its aircraft maintenance operations, HAT has been
developing its component overhaul capabilities. HAT performs maintenance, repair
and overhaul of airframe components, including fairing panels, nacelle systems
and exhaust systems, and refurbishes aircraft interior components. Not only do
these activities enjoy high profit margins, but existing and potential customers
also tend to view extensive component backshop capabilities positively.

Modification Services

The pace of technological advancement in the commercial aircraft industry,
including new developments in aerodynamics, metallurgy, composite materials,
electronics and computer-based devices, constantly offer new opportunities to
improve aircraft performance and communications. Due to the very high cost of
new aircraft (a new Boeing 737 is approximately $40 million today), these
advances have increased the advantages of retrofitting existing dependable,
supportable and economically proven commercial aircraft with state-of-the-art
technology by improving utility, performance and value.

In particular, advances in powerplant technology have created dramatic gains in
efficiency, reliability, sound abatement and lower maintenance costs. Advances
in avionics and electrical systems have improved reliability, reduced operating
weight and increased safety by meeting Windshear and Collision Avoidance Systems
("TCAS") requirements. Modern lightweight seats and other interior components
together with structural modifications have increased payloads and flexibility
of utilization. Today, aircraft modified with advanced technology are not only
more cost effective than their newer counterparts, but may have better overall
performance in speed, range, payloads, hot/high takeoff and landing conditions,
and passenger comfort.

HAT modification services include passenger to cargo conversions, engine noise
suppression, power plant retrofits, and avionics upgrades to the latest in
navigation, communication, and digital technology. HAT offers services to
renovate, restore and reconfigure commercial aircraft from passenger service to
cargo. HAT's cargo modification capabilities include cargo doors, cargo floors,
Class E requirements, and empty-weight reduction programs. Additional
modification services performed may include cockpit reconfiguration to upgrade
the avionic systems to current technology and the integration of traffic control
and avoidance systems, windshear detection systems and navigational aids.

<PAGE>

Airline passengers quickly form their opinion of aircraft from the
attractiveness and comfort of the interior. HAT provides a variety of custom
seating arrangements to meet operators' requirements, including all coach class,
and close or extended seat pitch for (respectively) higher revenues or better
passenger comfort in any color or livery scheme configuration as well as
special purpose interiors for sports teams, humanitarian missions or VIP
aircraft.

HAT will continue to offer such modification services, where it is not at
economic risk. However, HAT intends at this time to concentrate its
business-building efforts in its primary maintenance services.

Other Services and Activities

In addition to the services listed above, HAT derives revenues from other
activities that are complementary to those services, which are described below
under the caption "Customers and Revenue Streams."

                          Customers and Revenue Streams

HAT's current customers include Jetran International, a fast-growing and
aggressive aircraft leasing company, Pegasus Aviation, a large aircraft leasing
company and long-time Hamilton Aviation customer, Finova, another large aircraft
leasing company, Falcon Air Express, Ryan International Air, Aviation Partners
Boeing, a Boeing Company joint venture, Rohr-Goodrich Aerostructures, Daimler
Chrysler, Aeropostal, Mesa Airlines, Custom Air Transport, and Global Peace
Initiative, as well as a number of smaller customers. HAT is working to increase
and diversify its customer base and expects to sign more large maintenance
contracts. Hamilton Aerospace currently does not obtain any revenues from
government or defense contracts and will not be affected by slowdowns in
government aviation spending or procurement work.

In regard to maintenance, repair, component overhaul and modification services,
HAT's principal revenue stream is from the sale of labor, plus any parts that
are sold to operators. Many operators provide their own parts from their
maintenance stocks, while others have HAT purchase parts on their behalf. HAT
maintains rigorous controls on the purchasing, receiving and installation of
customer-supplied and HAT-supplied parts, due to extensive FAA regulations
governing the handling of aviation parts.

In addition to the revenue received as the result of MROM services, HAT revenue
opportunities arise in the following areas:

     Distress purchases: Hamilton is able to buy planes and parts at pennies on
     the dollar, re-certify parts, engines and airframes and resell them at
     significant profit.

     Commission Sales: Hamilton buys parts on request for customers that don't
     maintain parts inventory and charges a commission for that service.

     Aircraft storage: Hamilton offers environmentally favorable aircraft
     storage to aircraft operators and has over 40 aircraft parked on its ramp
     for which the customers are paying both tarmac space rental and storage
     maintenance labor and components. Because it costs tens of thousands of
     dollars to fly them to another comparable facility, most of these aircraft
     will be returned to service at a cost of hundreds of thousands of dollars
     each in new work for Hamilton.

     Inspection and Certification: Hamilton charges a service to inspect and to
     re-certify parts, engines and airframes for customers.

     Aircraft Sales and Leasing Commissions: Hamilton takes full advantage of
     its position as a maintenance provider to earn commissions on aircraft
     sales or leases, as opportunities arise.

     Aircraft Ferry and Flight Crew Services: Hamilton offers aircraft ferry
     services and flight crew operations, to shuttle aircraft for maintenance,
     service or repossession. Contract crews are used in order not to create
     additional overhead.

     Labor Contracting: Hamilton provides teams of technicians to understaffed
     competitors on a contract basis, or as field teams to rescue distressed
     aircraft in remote locales.

These other services are synergistic, because different services generate
additional services and opportunities. For example, HAT typically gets the
maintenance and overhaul work on aircraft stored on its tarmac, due to the tens
of thousands of dollars often required to relocate such aircraft. HAT also
frequently gets the first offer to buy or broker aircraft and aviation parts
inventories, due to its abilities to resell or install them. These abilities
exist because a large jet repair facility such as HAT is an "apex" company at
the center of the aviation industry. Every large jet must, under FAA rules,
undergo periodic minor and major maintenance, and such services, and
installation of parts, must be done by an FAA-approved repair facility such as
HAT.

<PAGE>

                           Key Operational Strategies

Business Philosophy

Management has rejected a policy of growth for growth's sake in favor of
focusing on profitability and building a good reputation for Hamilton
Aerospace's operations group by limiting work contracts to those perceived to
have a high probability of success. This strategy is also very beneficial to the
company's marketing efforts in that a good track record of maintenance and
modification contracts delivered successfully on-time and on-budget is by far
the most potent tool for securing new work contracts.

The principal focus of the operations group at HAT is the implementation of
strategies to enhance worker productivity, which include assigning dedicated
crews and dedicated project managers to each aircraft in work, ongoing training
for supervisors, project managers and quality control personnel, and improving
material flow to each job site.

In managing its operations, the Company is committed to continuously evaluating
the adequacy of its management structure and its existing systems and
procedures; including its quality control, financial, and internal controls
systems. HAT is focused on maintaining a small, but tightly knit and
multi-tasking, highly experienced management team.

Goals

Hamilton Aerospace Technologies' corporate goals are very narrow and focused.
They are:

o    Maximize the profitability of the Company's operations group.

o    Rationalize the Company's debt and capital structure.

o    Cautiously build Company value through the strategic exploitation of
     synergistic arbitrage and acquisition opportunities.

Marketing Strategies

HAT has identified maintenance and modification of the Boeing 727 and 737 and
the DC-9/MD80 jet aircraft (and eventually, Boeing 757 aircraft) as its major
target markets through at least 2005. Although aircraft maintenance is a
multi-billion dollar annual industry, in many ways it is a very tightly knit
community in which many key players are well known to one another. As a result,
there exists a surprisingly efficient flow of information throughout the
industry that makes a company's reputation by far its most important marketing
asset.

The market for HAT's aircraft maintenance and modification services, although
global in scope, is made up of a relatively small number of aircraft owners and
operators. As such, HAT does not rely on media advertising, but rather focuses
its marketing efforts on building personal relationships with the aircraft
owners, operators, operations managers, consultants, customer representatives
and key industry vendors that make up this surprisingly tight knit international
aviation community.

While HAT does provide press releases to industry trade journals, the majority
of its advertising budget is spent on "wining and dining" or otherwise
entertaining customers and customer representatives on a face-to-face basis.
Some of these meetings are made at industry trade conferences or at the
customer's offices. More frequently, these meetings take place in Tucson when
the customer or his representative visits to inspect HAT's facility or aircraft
stored at the facility. Since the most potent marketing tool available to any
repair station is a good reputation for delivering aircraft back to its
customers on time and on budget, much of HAT's "marketing" really consists of
maintaining good communication, performing well and otherwise making sure that
each maintenance visit is an enjoyable experience for the customer and his
on-site representatives or consultants. The marketing strategies described here
have kept, and are keeping, HAT fully booked or over booked for the foreseeable
future. Accordingly, HAT has no plans to change its marketing approach at this
time.

HAT regularly provides press releases on major jobs and provides interviews for
trade journals as a method for maintaining visibility in the industry. HAT also
maintains a web site that describes its facilities, personnel and capabilities
at www.hamaerotech.com.

<PAGE>

                                     Market

Narrow body commercial airliners (Boeing 727s, 737s and MD80s and DC-9s) are
HAT's primary market for selling aircraft maintenance, repair, and component
overhaul services. Major commercial airlines, lower-tier airlines, package
carriers and charter operators operate these aircraft. Industry sources estimate
that the North American market for MROM services is approximately $5 billion
annually. HAT's target market of narrow body commercial jet aircraft constitutes
an estimated 20% of the worldwide commercial aircraft maintenance market. Due to
the relatively small portion of its revenues that come from activities other
than its core MROM services, HAT has not examined the markets for those other
activities.

                                   Competition

The barriers to entry in the commercial jet maintenance and modification
business are very high due to the stringency of FAA regulation, the complexity
and sophistication of modern jet aircraft, and the reluctance of operators to
entrust their aircraft maintenance to new, unproven start-up facilities. Even if
a new entrant succeeds in completing the very costly and time consuming process
of obtaining FAA approval for a new repair station, they are then faced with the
difficult task of convincing operators to input aircraft into an unproven
facility that will necessarily experience learning curve cost overruns and
delays.

Many of the largest aircraft repair stations expend the majority of their
man-hours on wide body aircraft. HAT is one of the top twenty repair stations in
the country specializing in strictly narrow body aircraft, and once it reaches
approximately $25 million in revenues, HAT should be among the top ten repair
stations of its class.

Given the many billions of aircraft maintenance dollars spent each year, and the
relatively limited number of approved repair stations, much of the meaningful
competition in today's aircraft maintenance industry is not so much competition
for customers as it is for qualified personnel to perform the work. In view of
the importance of employing highly competent personnel in the quality critical
field of commercial aircraft maintenance, HAT's pay scales generally meet or
exceed national standards. Also, HAT has been very successful in recruiting key
personnel by focusing on providing a good quality work environment and due to
the desirability of Tucson's lifestyle.

In the local area, HAT's major competitor for narrow-body aircraft maintenance
work is Evergreen Air Center, which is located in Marana, Arizona and employs
approximately 275 people. Evergreen Air Center services Evergreen Airline's
fleet of Boeing 747 and McDonnell Douglas DC-9 commercial aircraft and provides
services to outside customers.

Nationally, Hamilton Aerospace competes in the narrow-body segment of the market
with Tramco, owned by Goodrich Corporation and located in Seattle, Washington;
AAR Group, Inc., located in Oklahoma City, Oklahoma; Mobile Aerospace, located
in Mobile, Alabama; Timco, located in Greensboro, North Carolina, Macon,
Georgia, and Lake City, Florida; FlightStar, located in Jacksonville, Florida;
Commercial Jet Miami, located at Miami, Florida; Avborn Heavy Maintenance,
located at Miami, Florida; and Commodore, a subsidiary of Israeli Aircraft
Industries, located at Miami, Florida. Internationally, Hamilton Aerospace
competes with Coopesa, located in San Jose, Costa Rica and Aeroman, part of the
Taca Groupa, located in San Salvador, El Salvador.

Operations Strategies

Through experience, the management team at HAT has learned that, in the aircraft
maintenance business, taking on too much work results in reduced profit margins,
dissatisfied customers and, ultimately, the loss of future business. On the
other hand, limiting work contracts to the number and type that can be performed
effectively results in improved profit margins and increased future business
opportunities.

Also, for budgetary purposes, most aircraft maintenance customers today prefer
fixed-bid contracts on their scheduled maintenance checks. This common industry
practice offers efficient well-managed repair stations the opportunity to
significantly improve their profit margins, while still maintaining customer
satisfaction.

By maintaining small, tightly knit work crews, retaining experienced crew chiefs
and carefully screening work contracts, HAT has found that it can routinely come
under budget on scheduled aircraft maintenance contracts fix-priced at rates
widely accepted by the industry. Accordingly, while mindful of the need for
long-term growth by the Company, Management is presently focused on pursuing a
strategy of maximizing operations profitability and customer satisfaction in
favor of rapid growth.

Financial Strategies

The principle financial strategy of Renegade is to secure equity and/or debt
financing sufficient to insure the efficient day-to-day operation of the HAT
facility and enable the Company to provide reasonable payment terms to
creditworthy customers. Management is also interested in securing additional
funding for the purpose of certain productivity-improving or synergistic
acquisitions and other asset-based business opportunities. Since HAT is now
profitable, Renegade can, if necessary, meet its financial requirements
internally. However, the equity and/or debt financing currently pursued by
Management will greatly accelerate the growth of value in Renegade.
Consequently, while Management is aggressively seeking to secure additional
financial resources, it has no interest in entering into overly dilutive equity
funding or onerous debt financing.

<PAGE>

Business Development Strategies

As described in Operations Strategies above, Management is, for the foreseeable
future, taking a conservative approach to growing the core aircraft maintenance
services business in favor of more aggressively seeking to increase operating
profit margins and customer satisfaction. In practical terms, this translates
into annual sales revenue growth rates of no more than 20% in the Company's core
aircraft maintenance business. Nonetheless, there exist significant growth
opportunities for Renegade by expanding some of the business activities related
to HAT's core aircraft maintenance business such as aircraft and aircraft parts
sales and leasing, as well as aviation consulting services.

Distressed aviation assets often come to the attention of HAT, as a maintenance
service provider and aircraft storage facility, prior to becoming known to the
market at large. Frequently, such assets can be placed with end-users known to
HAT. These arbitrage opportunities can involve distressed parts inventories,
distressed aircraft that can be torn down for parts, or distressed aircraft that
can be purchased, repaired and sold or leased at a profit. These types of
arbitrage opportunities annually represent tens of millions of dollars of
additional lucrative potential business available to HAT. At present these
opportunities are limited by HAT's lack of access to capital. As Renegade gains
more access to capital from outside sources or as a result of HAT operating
profits, Management anticipates the revenue to Renegade from these types of
opportunistic arbitrage transactions will become a significant portion of
Renegade's future growth. HAT competes principally on the high quality of its
services, its price competitiveness due to its location in the Southwest and low
labor rates, its dry, mild climate and ability to do many MROM projects
outdoors, and the low cost of its Tucson facility.

The large aircraft repair business is highly competitive. Revenues are sensitive
to adverse changes in the air carrier business, due to factors such as airline
profit levels, changes in fuel costs, average fare levels, and passenger demand.
The heavily regulated airline industry, however, requires scheduled maintenance
and repair services irrespective of industry economics, thus providing a
reasonably steady market for HAT's services.

                            Employees and Employment

At December 31, 2003 a total of approximately 130 employees were employed by
HAT. All employees are highly trained and qualified. During the last quarter of
2003, a reassessment of the HAT business plan resulted in the decision to employ
a work force whose number would be adequate to handle the workflow without
downtime in slower periods. This decision was focused on increased efficiency
and profitability. Currently, bottom line results indicate this was a successful
plan of action. The capacity of the facilities currently occupied by HAT is at
least 500, working two staggered shifts, which allows for considerable growth in
the future. Both Renegade and HAT are non-union and believe that their
relationships with employees are good. HAT's management is also experienced in
the hiring, training, and retention of people necessary to operate its repair,
maintenance and modification facilities.

Based upon the available talent pool, both Renegade and HAT believe that their
needs for labor will be addressed adequately in the future. This includes the
key technical positions that require licensure by the FAA. Since the air
transport slowdown caused by the September 11, 2001 tragedy, the availability of
highly qualified skilled aircraft maintenance and support personnel has
increased. HAT does not expect that identifying, attracting and retaining
qualified personnel in any of the key areas will be difficult.

In addition, Pima Community College, located in Tucson, has been training
mechanics since 1991. Pima has just completed a major new training facility
adjacent to HAT's facility. HAT intends to work closely with Pima to apprentice
Pima new students to work at HAT and to hire experienced Pima alumni.

Due to complexity of aircraft maintenance operations, it is essential that HAT
employ highly experienced and highly competent people in key management
positions. This is necessary both to attract and keep business and to maintain
HAT's good standing with the FAA. Accordingly, HAT has found it most cost
effective to attract and keep key personnel by offering attractive salaries,
while aggressively replacing those key employees who, after given a reasonable
opportunity to do so, fail to successfully meet their job requirements. While
this may seem harsh, the critical public safety issues, associated with
commercial aircraft maintenance, require that HAT quickly identify and address
any shortcomings in the oversight of its activities.

Similarly, in an industry where aircraft down time represents tens of thousands
of dollars a day in lost revenue, and a misdrilled hole or a bolt left in an
engine inlet can cost tens of thousands of dollars to address, HAT has found it
most cost effective to pay its production personnel wages at the higher end of
national standards while demanding in return a high level of professionalism
from its employees. To insure that a good level of communication is maintained
with all employees, HAT provides regular written evaluations to all employees.

<PAGE>

The principal focus of the operations group at HAT is the implementation of
strategies to enhance worker productivity, which include assigning dedicated
crews and dedicated project managers to each maintenance and modification job,
ongoing training for supervisors, project managers and quality control
personnel, and improving material flow to each job site.

Aircraft maintenance and modification is a highly regulated industry, and a good
working relationship with the FAA is essential to the successful operation of an
FAA-approved Repair Station such as HAT. The policy of HAT management is to work
closely and proactively with the FAA, which has resulted in the very positive
relationship needed to insure that when significant issues do occasionally arise
between HAT and the FAA they are addressed in a reasonable and constructive
nature.

                                   Regulation

The aviation industry is highly regulated by the FAA in the United States and by
similar agencies in other countries. We must be certified by the FAA, and in
some cases authorized by the original equipment manufacturers, in order to
repair aircraft components and to perform maintenance and repair services on
aircraft. Commercial jets, like any other complex vehicles, require periodic
maintenance to allow for their safe and economical operation. Unlike many
vehicles, the repair and modification of such aircraft is highly regulated by
the various aviation authorities in each country of operation around the world.

In the United States, the Federal Aviation Administration (FAA) regulates the
manufacture, repair, overhaul and operation of all aircraft and aircraft
equipment operated in the U.S. pursuant to the Federal Aviation Regulations
(FARs). The FAA must certify each authorized repair station, and certified
facilities are issued an Air Agency Certificate. Each certificate contains
ratings and limitations that specifically authorize the repair station to only
perform certain types of services on specific makes and models of aircraft. FAA
regulations are designed to ensure that all aircraft and aircraft equipment are
continuously maintained in proper condition to ensure safe operation of the
aircraft. Similar rules apply in other countries. All aircraft must be
maintained under a continuous condition-monitoring program and must periodically
undergo thorough inspection and maintenance. The inspection, maintenance and
repair procedures for the various types of aircraft and aircraft equipment are
prescribed by regulatory authorities and can be performed only by certified
repair facilities utilizing certified technicians. Certification and conformance
is required prior to installation of a part on an aircraft. We closely monitor
the FAA and industry trade groups in an attempt to understand how possible
future regulations might impact us.

HAT holds FAA Air Agency Certificate #HOCR426X ("FAA Certificate") as an
authorized and approved FAA repair station, which permits HAT to service narrow
body large commercial jet aircraft. This certificate allows HAT the following
ratings: Instrument, Accessory, Limited Airframe, and Limited Engine for the
following aircraft (with certain limitations for each rating and aircraft):

RATING              MANUFACTURER          MAKE/MODEL
------              ------------          ----------

Airframe            Boeing                B-727-100-200 - All Series
                    Boeing                B-737-100/200/300/400/500 - All Series
                    Douglas               DC-8 - All Series
                    Douglas               DC-9 - All Series
Power Plant         Pratt & Whitney       JT-3D
                    Pratt & Whitney       JT-8D
                    General Electric      CFM-56

<PAGE>

               Non-destructive Inspection, Testing and Processing

HAT is inspected regularly by the FAA for conformity to federal regulations and
consistently passes those inspections with no significant discrepancies. Weekly
visits by the primary maintenance inspector (PMI) from the FAA provide
continuous monitoring of all HAT activities. HAT maintains an excellent working
relationship with the FAA staff and all work is carried out according to the
standards and requirements of the FARs.

HAT also holds an equivalent certificate in the European Economic Community, JAA
Agency No. JAA.5903. Without the JAA certificate, HAT would not be allowed to
work on aircraft that operate in European Economic Community ("EEC") airspace.
Both certificates are in good standing. Licensure and regulation of aviation
companies is almost exclusively federal in nature.

Quality Assurance (which includes Quality Control and Inspection) and Production
functions are separate and distinct at HAT, as required by the FAA, and the
management of each is autonomous from the other, as federal law requires. Upon
completion, all work will have been fully documented as to the materials used,
parts and labor applied, and conformity to the approved data and FARs.

There is no assurance that new and more stringent government regulations will
not be adopted in the future or that any such new regulations, if enacted, will
not materially adversely affect our business, financial condition or results of
operations.

Further, our operations are also subject to a variety of worker and community
safety laws. In the United States, the Occupational Safety and Health Act
mandates general requirements for safe workplaces for all employees. Specific
safety standards have been promulgated for workplaces engaged in the treatment,
disposal or storage of hazardous waste. We believe that our operations are in
material compliance with health and safety requirements under the Occupational
Safety and Health Act.

                                Product liability

Our business exposes us to possible claims for personal injury or death, which
may result from the failure of an aircraft or an aircraft part repaired or
maintained by us or from our negligence in the repair or maintenance of an
aircraft or an aircraft part. While HAT maintains what we believe to be adequate
liability insurance to protect us from claims of this type, based on our review
of the insurance coverage maintained by similar companies in our industry, we
cannot assure you that claims will not arise in the future or that our insurance
coverage will be adequate. Additionally, there can be no assurance that
insurance coverage can be maintained in the future at an acceptable cost. Any
liability of this type not covered by insurance could materially adversely
affect our business, financial condition or results of operations.

                                Industry Overview

As is the case in most industries, the aviation industry is cyclical in nature.
Historical evidence suggests that the typical business cycle in the aviation
industry has a duration of approximately 10 years peak to peak. The aviation
industry appeared by mid-2001 to be headed into a prolonged downturn, and this
trend was violently accelerated by the event of September 11th. Since September
11, 2001, at least five major repair stations either ceased doing business or
filed for Chapter 11 protection. This factor has restricted the supply of
services to the industry and opened up an opportunity for HAT. Air carriers such
as United Airlines also have filed for Chapter 11 protection. The recession in
the aviation industry appears to have bottomed out with some indications of a
rebound now appearing on the horizon. We believe that the following trends are
currently affecting the aviation industry and our operations in particular:

     Growth in the Market for Aircraft MROM Services

     The Boeing 2003 Current Market Outlook Report projects that the average
     worldwide passenger growth will be 5.1% per year through 2002. Similarly,
     The Boeing 2003 Current Market Outlook Report projects that the average
     worldwide cargo traffic growth will be 6.4% per year through 2022. This
     report also predicts that by 2022 HAT's target market of regional and
     narrow body jets will make up 74% of the worldwide fleet of commercial
     aircraft. We anticipate that these factors will in the long term increase
     the demand for maintenance and repair services. Based on this and other
     data, HAT estimates the worldwide market for MRO services at approximately
     $40 billion annually and that approximately $5 billion of that amount will
     be provided in North America. We believe airlines perform approximately
     well over half of the North American services and that the balance is
     performed by independent facilities such as HAT.

     Diversified Services and Strong Competitive Position

     Our services include a wide range of aircraft maintenance and repair
     services across a number of different airframes. The breadth of our
     services allows us to be a vendor of choice to our customers in a highly
     fragmented industry. HAT competes principally on the high quality of its
     services, its price competitiveness due to its location in the Southwest
     and low labor rates, its dry, mild climate that allows services to be
     performed with only rare weather interruptions and to do much of its
     service out of doors, and the low cost of its Tucson facility.

<PAGE>

     Emphasis on Quality

     The FAA and JAA license our MROM facility. We emphasize quality and on-time
     delivery to our customers. We are focused on meeting and exceeding FAA and
     JAA requirements. As industry, regulatory and public awareness have focused
     on safety, our ability to meet and exceed these requirements on a
     consistent basis has become important to customers.

                                   Background

On May 2, 2002, we acquired HAMILTON AEROSPACE TECHNOLOGIES, INC., a Delaware
corporation ("Hamilton Aerospace" or "HAT"), in a stock-for-stock exchange in
which we issued 12,500,000 shares of our common stock to purchase all of the
issued and outstanding capital stock of HAT. As a result of this transaction,
HAT became our wholly owned subsidiary. At that time, the officers and directors
of HAT also became our officers and directors. At this time, HAT is our
principal asset and only operating company. HAT was formed on April 5, 2002,
with the plan of becoming a premier provider of large aircraft maintenance,
repair, overhaul and modification services to owners and operators of large
Transport Category commercial jet aircraft. Prior to acquiring HAT we were in
the development stage.

On April 24, we acquired JOHNSTONE SOFTMACHINE CORPORATION, a Colorado
corporation ("JSC"), in a stock-for-stock exchange. We purchased all the issued
and outstanding capital stock of JSC from LogiCapital Corporation, a company
controlled by Company shareholder and former director John Brasher, in exchange
for the issuance of 3,000,000 shares of our authorized but unissued common
stock. JSC holds a non-exclusive, worldwide data license from LogiCapital
Corporation that permits JSC to use, reproduce and distribute certain data
generated by the licensor in accordance with JSC's design and specifications
through financial websites to be designed and operated by JSC. The Licensor,
which operates financial websites, is obligated to provide JSC with the licensed
products in a mutually agreed upon electronic format, and they will be supplied
on a real time basis over the Internet directly to JSC websites that may be
built. Management has not yet determined how, or whether, we will exploit or the
timing of any exploitation of the license, in view of our current focus on HAT.
On October 15, 2003, the Company was notified that an agreement between
LogiCapital Corporation and Perugia Design Corporation, a company controlled by
a family member of one of the Company's Directors, had been reached. This
agreement calls for the sale of 2,000,000 shares of the above-mentioned common
stock. At December 31, 2003 the stock had not been transferred to Perugia Design
Corporation.

                      RISK FACTORS RELATING TO OUR BUSINESS

In addition to the other information contained in or incorporated by reference
into this Form 10-KSB, you should carefully consider the following risk factors
and other information contained in this report.

Risks Related to the Aviation Services Industry

Problems in the airline industry could adversely affect our business. Since our
customers consist primarily of passenger and cargo air carriers and aircraft
leasing companies, economic factors affecting the airline industry impact our
business, though to a much lesser extent than it affects MROM firms that rely
heavily on major airlines for business. When economic factors adversely affect
the airline industry, they tend to reduce the overall demand for maintenance and
repair services, causing downward pressure on pricing and increasing the credit
risks associated with doing business with airlines. Additionally, the price of
jet fuel affects the maintenance and repair markets, since older aircraft, which
consume more fuel and which account for most of our maintenance and repair
services business, become less viable as the price of fuel increases. We cannot
assure you that economic and other factors, which may affect the airline
industry, will not adversely impact our business, financial condition or results
of operations.

The events of September 11th have had a negative impact on the airline industry
in general, and thereby indirectly on us. Factors which have affected or may
affect our business may include: (1) the impact of these terrorist attacks and
the impact of declines in air travel as a result of these terrorist attacks on
the financial condition of one or more of our airline customers, (2i) possible
increases in jet fuel prices as a result of events relating to these terrorist
attacks, (3) potential reductions in the need for aircraft maintenance due to
declines in airline travel and cargo business and (4) the adverse effect of
these terrorist attacks, or future events arising as a result of these terrorist
attacks, on the economy in general.

Dependence on a Small Number of Customers

For the partial year ended December 31, 2002, our 2 largest continuing customers
accounted for approximately 80% of our total revenues, and our largest
continuing customer accounted for approximately 43% of total revenues. For the
year ended December 31, 2003, our 2 largest continuing customers accounted for
35.6% of our total revenues and our largest continuing customer accounted for
approximately 25.3% of total revenues. Five customers accounted for 74.2% of our

<PAGE>

total 2003 revenue. The broadening of our customer base has spread the risk
associated with the failure of a significant customer. Efforts are continually
being made to broaden our customer base and we expect to further reduce this
risk during 2004. While the relative significance of customers varies from
period to period, the loss of, or significant curtailments of purchase of our
services by, one or more of our significant customers at any time could
adversely affect our revenue and cash flow.

Our Business is Heavily Regulated

The aviation industry is highly regulated by the Federal Aviation Administration
(FAA) in the United States and by similar agencies in other countries. The FAA
must certify us in order for us to repair aircraft and aircraft components. We
cannot assure you that new and more stringent government regulations will not be
adopted in the future or that any such new regulations, if enacted, would not
materially adversely affect our business, financial condition or results of
operations.

Our Business is Highly Competitive

The airline industry and the markets for our products and services are extremely
competitive, and we face competition from a number of sources. Our competitors
are other companies providing MROM services. Certain of our competitors are
currently experiencing financial difficulties, and some or all of them may
respond to their financial difficulties by reducing prices on their services to
increase or retain market share. Any material deterioration in our financial
condition is likely to affect our ability to compete with price-cutting by our
competitors. Some of our competitors have substantially greater financial and
other resources than us. We cannot assure you that competitive pressures will
not materially adversely affect our business, financial condition or results of
operations.

We are Susceptible to Liability Claims

Our business exposes us to possible claims for personal injury or death, which
may result if we were negligent in repairing or overhauling an airplane. We
cannot assure you that claims will not arise in the future or that our insurance
coverage will be adequate to protect us in all circumstances. Additionally, we
cannot assure you that we will be able to maintain adequate insurance coverage
in the future at an acceptable cost. Any liability claim not covered by adequate
insurance could materially adversely affect our business, financial condition or
results of operations.

We Depend on Our Executive Officers and Employees

Our continued success depends significantly upon the services of our executive
officers and upon our ability to attract and retain qualified personnel in all
of our operations. While we have or are issuing employment agreements with each
of our executive officers and certain of our key employees, most of our
employees are employed on an at-will basis. The loss of one or more of our
executive officers and of a significant number of our other employees without
capable replacements could materially adversely affect our business, financial
condition or results of operations.

                           Reports to Security Holders

We are subject to the informational requirements of the Securities Exchange Act
of 1934 as a "small business" issuer. Accordingly, we file annual, quarterly and
other reports and information with the Securities and Exchange Commission. You
may read and copy these reports and other information we file at the Securities
and Exchange Commission's public reference rooms in Washington, D.C., New York,
New York, and Chicago, Illinois. Our filings are also available to the public
from commercial document retrieval services and the Internet website maintained
by the Securities and Exchange Commission at www.sec.gov.


ITEM 2. DESCRIPTION OF PROPERTY

The principal executive offices for both Renegade and Hamilton Aerospace are
located at the Hamilton Aerospace hangar facilities in Tucson, Arizona at Tucson
International Airport. This favorable location provides 360 days of sunshine per
year together with extremely low humidity year round. These facilities are
situated on the northwest ramp on 22 acres of concrete within the airport proper
and are patrolled by the Tucson Airport Authority police force. HAT leases these
facilities at a rental rate of $14,385 per month.

The HAT facility is level and fully paved with concrete sufficient to handle the
largest aircraft on any part of its 22 acres. Two hangars provide the space for
any modification and maintenance work that must be performed indoors. The larger
hanger has 180' clear span and is 185' deep (30,400 sq. ft.), enabling it to
wholly enclose a DC9 and a 727 at the same time. The hangar has been modified to
serve as a paint booth as needed.

<PAGE>

The smaller hangar is 100' clear span by 100' deep (10,000 sq. ft.) with 2,000
square feet of office space on the north side and another 4,000 square feet of
enclosed space on the south. Numerous mobile offices have been added to
accommodate recent expansion of production and administrative space and sales
offices. Immediately adjacent on the south side of this hangar are 3,300 square
feet of office space which house the electrical shop, avionics, quality control,
planning, production control and the library. In addition, HAT has another 4,200
square feet of office and backshop space, 12,000 square feet of storage space,
and 9,000 square feet of warehouse space.

ITEM 3. LEGAL PROCEEDINGS

Neither Renegade nor any significant subsidiary is party to any material legal
proceedings.


                                     PART II

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of our stockholders during 2003. See PRER14C
and DEF14C filed on September 11, 2003 and September 26, 2003, respectively,
which discuss employment agreements and stock grants entered into with the
written consent of the majority stockholders.

Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

                           Price Range of Common Stock

During the fiscal year ended December 31, 2003, the Common Shares were quoted
under symbol "RDVN" on the OTC Bulletin Board maintained by the National
Association of Securities Dealers, Inc. Prior to May 2, 2002, the date on which
Renegade acquired Hamilton Aerospace, few transactions took place. The following
information relates to the trading of our common stock, par value $.001 per
share. The high and low last sales prices of our common stock for each quarter
during our three most recent fiscal years, as reported by the OTC Bulletin Board
to date, are set forth below:

                                       HIGH          LOW

2003         First Quarter            $  .44        $  .24
             Second Quarter              .31           .17
             Third Quarter               .47           .20
             Fourth Quarter              .55           .16

2002         First Quarter            $  .375       $  .25
             Second Quarter             3.30           .20
             Third Quarter               .50           .10
             Fourth Quarter              .44           .07

2001         First Quarter            $  .375       $  .25
             Second Quarter              .55           .438
             Third Quarter               .72           .52
             Fourth Quarter              .60           .375


Impact of Being an OTC Bulletin Board Stock

Renegade's common stock is quoted on the OTC Bulletin Board and is traded in the
over-the-counter markets. Unless and until our common shares become quoted on
the NASDAQ system or listed on a national securities exchange, we may at any
time be subject to the "penny stock" provisions of the Exchange Act and
applicable SEC rules. At any time when the market price of our common stock is
below $5.00 per share, our common stock may be deemed to be a penny stock. In
that event, our common stock will be subject to rules that impose additional
sales practices on broker-dealers who sell our securities. For transactions
covered by the penny stock rules, the broker-dealer must make a suitability
determination for each purchaser and receive the purchaser's written agreement
prior to the sale. In addition, the broker-dealer must make certain mandated
disclosures in penny stock transactions, including the actual sale or purchase
price and actual bid and offer quotations, the compensation to be received by
the broker-dealer and certain associated persons, and deliver certain
disclosures required by the SEC. So long as Renegade's common shares are
considered "penny stocks", many brokers will be reluctant or will refuse to
effect transactions in Renegade's shares, and many lending institutions will not
permit the use of penny stocks as collateral for any loans.

<PAGE>

Our Common Stock is Thinly Traded and Our Stock Price May be More Volatile than
the Market in General

Because our common stock is thinly traded, its market price may fluctuate
significantly more than the stock market in general or the stock prices of
similar companies, which are exchanged, listed or quoted on NASDAQ. Our public
float is approximately 7,200,000 shares, thus our common stock will be less
liquid than the stock of companies with broader public ownership, and, as a
result, the trading prices for our common stock may be more volatile. Among
other things, trading of a relatively small volume of our common stock may have
a greater impact on the trading price for our stock than would be the case if
our public float were larger.

                                     Holders

Renegade had approximately 64 shareholders of record as of December 31, 2003,
which number does not include shareholders whose shares are held in street or
nominee names. We believe there are at least 1200 beneficial holders of our
common stock.

                                    Dividends

Renegade has never paid a dividend and does not expect to pay a cash dividend
upon its capital stock in the foreseeable future. Payment of dividends in the
future will depend on our earnings (if any) and our cash requirements at that
time, but we expect to retain earnings for business expansion over the
foreseeable future.

                     RECENT SALES OF UNREGISTERED SECURITIES

On April 24, 2002, we issued 3,000,000 shares of our common stock to LogiCapital
Corporation to acquire ownership of Johnstone Softmachine Corporation.
LogiCapital exchanged its Johnstone shares, which constituted all of the issued
and outstanding Johnstone capital stock, in exchange for shares of our common
stock. We relied upon Section 4(2) of the Securities Act of 1933 for the offer
and sale to this entity. We believe that Section 4(2) was available because the
sale did not involve a public offering. This transaction involved the issuance
of securities to one entity. We did not utilize brokers in connection with this
transaction and did not pay commissions or any form of compensation to any
person for soliciting this entity. The certificate that was issued representing
these shares contained a customary form of investment legend, and the shares may
not be sold, pledged, hypothecated or otherwise transferred unless first
registered under the Securities Act or pursuant to an available exemption from
such registration requirements. This entity affirmatively represented to us that
it was acquiring our shares for investment purposes, without any intent of
making a redistribution of them, and that it had access to the same kind and
quality of information concerning us as would be contained in a registration
statement filed under the Securities Act.

On May 2, 2002, we issued 12,500,000 shares of our common stock to a group of
persons to acquire Hamilton Aerospace Technologies, Inc. LogiCapital exchanged
its Johnstone shares, which constituted all of the issued and outstanding stock
of Johnstone, in exchange for shares of our common stock. The shares were issued
to Old Mission Assessment Corporation (8,100,000), Seajay Holdings LLC
(1,500,000), Joane Corporation (1,500,000), United Payphone Owners LLC
(1,000,000), Ian Herman (200,000) and Ronald J. Clark (200,000). Herman and
Clark became officers and directors of Renegade as a result of this transaction.

We relied upon Section 4(2) of the Securities Act of 1933 for the offer and sale
to these individuals. We believe that Section 4(2) was available because the
sale did not involve a public offering. This transaction involved the issuance
of securities to one entity. We did not utilize brokers in connection with this
transaction and did not pay commissions or any form of compensation to any
person for soliciting this entity. All certificates that were issued
representing these shares contained a customary form of investment legend, and
the shares may not be sold, pledged, hypothecated or otherwise transferred
unless first registered under the Securities Act or pursuant to an available
exemption from such registration requirements. Each of these individuals
represented to us that they were acquiring the shares for investment purposes,
without any intent of making a redistribution of them, and that they had access
to the same kind and quality of information concerning us as would be contained
in a registration statement filed under the Securities Act. Certain of these
shares subsequently were transferred among the holders.

<PAGE>
<TABLE>
<CAPTION>

                                       Equity Compensation Plan Information
-------------------------------------------------------------------------------------------------------------------
Plan Category                 Number of securities to be     Weighted average exercise      Number of securities
                              issued upon exercise of        price of outstanding           remaining available for
                              outstanding options,           options, warrants and rights   future issuance
                              warrants and rights
                                        (a)                             (b)                         (c)
-------------------------------------------------------------------------------------------------------------------
<S>                                 <C>                                 <C>                      <C>
Equity compensation plans                0                              .00                          0
approved by security holders

Equity compensation plans           4,000,000 (2)                       .00                      5,020,000
not approved by security
holders (1)
-------------------------------------------------------------------------------------------------------------------
Total                               4,000,000                           .00                      5,020,000
-------------------------------------------------------------------------------------------------------------------

(1)  The following plans were not approved by the shareholders. The 2002
     Compensatory Stock Option Plan permits the issuance of options for
     compensatory purposes to persons who are employees (as defined in the plan)
     or directors of the Company, entitling them to purchase common shares of
     the Company. An aggregate of 3,000,000 shares are available for purchase
     under the plan. The 2003 Employee Stock Compensation Plan permits the
     issuance of an aggregate of 5,000,000 common shares of the Company options
     for compensatory purposes to persons who are employees (as defined in the
     plan) or directors of the Company, excluding shares already issued
     thereunder. Details of these plans may be found at Note 6 in the footnotes
     to the audited financial statements included as part of this report.

(2)  Shares to be vested under terms of Employment Agreement filed under form
     DEF 14C on September 26, 2003.
</TABLE>

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

We are a holding company, and all our operations are currently and were as of
December 31, 2003, conducted by our operating subsidiary, HAT, which was
organized on April 5, 2002. Unless otherwise specified, the operations discussed
below pertain to operations of HAT since its inception on April 15, 2002.

                              RESULTS OF OPERATIONS

Operating revenues consist primarily of service revenues and sales of materials
consumed while providing services, net of allowances for returns. Cost of sales
consists primarily of labor, materials and freight charges. Our operating
results have fluctuated in the past and may fluctuate significantly in the
future. Many factors affect our operating results, including timing of repair
orders and payments from large customers, competition from other third-party
MROM service providers, the state of the aviation industry and the number of
customers seeking services, the impact of fixed pricing on gross margins and our
ability to accurately project our costs, ability to obtain financing and other
factors.


2003 Operations


<PAGE>


Results in the first quarter, ended March 31, 2003, reflect the continual upward
trend in revenues for HAT. Operating revenue for the three months ended March
31, 2003 was $3,448,225. HAT was not in existence during the first quarter of
2002, and Renegade had no other operations during Q1 of 2002, thus a direct
comparison of operating results for the first quarter is not possible. However,
by contrast, our total revenues from April 15, 2002 inception through December
31, 2002, a period of approximately eight months, were $5,009,703 and our
revenues for the fourth quarter of 2002 were $2,074,326.

On a consolidated basis, we realized $121,845 loss on gross revenues of
$3,448,225, although HAT on a stand-alone basis made a $23,087 profit. This is
the second straight quarter of profitable operation for HAT separately. The
improvement in revenue and earnings trends over the last two quarters is
indicated by the fact that the $121,845 consolidated loss for the quarter ended
March 31, 2003 was significantly smaller than the $227,847 loss realized for the
4th quarter of 2002 on consolidated revenues of only $2,074,326. In fact, our
consolidated gross profit for the first quarter of 2003 (after deducting cost of
sales but before overhead costs) was $629,557, which was greater than the gross
profit for our entire 2002-operating year.

HAT operating expenses were $556,553 for the first quarter and as a percentage
of revenues were 16% for the first quarter. As a result of these factors, income
from operations was $71,928 for the first quarter, ended March 31, 2003. It
should be noted that legal expenses for the quarter were $37,624 and were higher
than anticipated due to the non-recurring expense of lease negotiation with
Tucson Airport Authority.

Interest expense relates primarily to the cost of borrowing from a factor
against certain receivables and to interest on the secured bridge loan facility
discussed below. During the first quarter, we borrowed a total of $377,202 on
receivables and received $300,000 under the secured bridge loan facility.

Results in the second quarter, ended June 30, 2003 continue to reflect an upward
trend in revenues for HAT. Operating revenue for the three months ended June 30,
2003 was $4,071,135. Our total revenues from April 15, 2002 inception through
December 31, 2002, a period of approximately eight months, were $5,009,703 and
our revenues for the first six months of 2003 are $7,519,360.

On a consolidated basis, we experienced a $297,118 loss on gross revenues of
$4,071,135, although HAT on a stand-alone basis made a $10,362 profit. This was
the third straight quarter of profitable operation for HAT separately.

Operating expenses for the holding company, Renegade were $390,812 in the second
quarter of 2003. This amount reflects the administrative costs of running
Renegade, $83,333 bonus expense resulting from the mediated settlement with a
former director, $22,243 in legal expense and $159,513 in interest and penalties
charged by the Internal Revenue Service due to delinquent payroll taxes. The
taxes themselves are a legitimate operating expense of HAT, but management deems
the interest and penalties to be the result of inadequate Company capital and,
as such, a holding company expense.

HAT operating expenses were $634,974 for the second quarter of 2003 and as a
percentage of revenues were 16%. The same period in 2002 showed operating
expenses of 621,881, which was 42% as a percentage of revenues. As a result of
these factors, income from operations was $73,004 for the second quarter, ended
June 30, 2003, a much more promising number than the -$479,432 from the second
quarter of 2002. Interest expense during the second quarter of 2003 reflected
$67K related to allocations made as a result of a mediated agreement with a
former Director. We are continuing to factor the invoices of one of our
customers and the interest expense related to that factoring is passed on to our
customer and is offset by being recorded as interest income.

Results in the third quarter, ended September 30, 2003 continue the upward trend
in revenues for HAT. Operating revenue for the three months ended September 30,
2003 was $5,007,273. 2003 3rd quarter revenue is still 3.5 times greater than
2002 3rd quarter revenue of 1,447,808.

During the third quarter of 2003, Renegade booked Revenue of $84,552. This
revenue was derived from a new one-year, renewable agreement with Mesa Airlines,
Inc. to furnish manpower to perform routine and non-routine maintenance services
and represents the first revenue produced by the parent Company since
consolidation with HAT.

On a consolidated basis, our third quarter results show we experienced a
$901,316 loss on gross revenues of $5,091,825. Almost half of that loss, or
$437,000, was attributable to stock transactions and was a non-cash loss. Only
$464,316 of the total loss was attributable to operations. HAT on a stand-alone
basis lost $279,138. The HAT loss can be attributed to two factors: one, an
extremely slow month of July due in part to one of our main customers delaying
the start date of contracted work, which not only reduced the revenue stream
but, had a significant negative effect on efficiencies in general; and two, a
fixed price overhaul bid, which included material. During the term of this job
HAT was subjected to higher prices than anticipated for strategic parts to
complete the overhaul.

<PAGE>

Operating expenses for the holding company, Renegade were $638,507 in the third
quarter of 2003. This amount reflects the administrative costs of running
Renegade, $79,945 in legal expense, $34,253 in travel expense mainly connected
with efforts to improve capitalization, $437,000 related to expenses paid with
stock to consultants and Directors.

HAT operating expenses were $466,148 for the third quarter of 2003 and as a
percentage of revenues were 18%. The same period in 2002 showed operating
expenses of 166,620, which was 8% as a percentage of revenues. Income from
operations was 316,030 for the fourth quarter, ended December 31, 2003 as
compared with $163,434 for the fourth quarter of 2002. We are cautiously
optimistic that our continued focus on profitability coupled with intense
efforts both in marketing our services and in containing our costs will help the
Company maintain and grow our profit mode in spite of the problems the aviation
industry has been experiencing over the past months.

Company interest expense during the third quarter of 2003 was $48,298 absent the
interest related to factoring the invoices of one of our customers. The interest
expense related to that factoring is passed on to our customer and is offset by
interest income.

Results in the fourth quarter ended December 31, 2003 reflect Management's
decision to reject a policy of focusing on increased revenue in favor of
focusing on profitability. While the gradual upward trend in HAT revenues did
not continue as a result of this new outlook, the net results, as shown by the
table below, indicate stunning results for the focus on profitability. Not only
did HAT record a profit in the fourth quarter but, that profit, $370,047, was
significant when compared with prior quarters' results. The Company recorded a
first-time profit in the fourth quarter of $104,184 aided by the Renegade
revenue stream produced under the Mesa Airlines agreement mentioned earlier.

Operating expenses for the holding company, Renegade, were $277,414 in the
fourth quarter of 2003. This amount reflects the administrative costs of running
Renegade, $84,000 for various professional services a portion of which was paid
with stock, $23,000 in travel expense mainly connected with efforts to improve
capitalization.

On a consolidated basis, our revenues for 2003 of $15,378,352 are approximately
3 times our 2002 revenue of $5,009,703. Even after adjustment reflecting that
2002 was our 8 1/2 month inception year, revenue still approximately doubled.
The $15,378,352 includes $9,337,130 in labor billings resulting from 208,866
billable hours. This represents an average billable rate of $44.70 on all work
performed. The acceleration in revenue is attributable to increased hours billed
performing our core MROM services plus our recognizing and seizing the
opportunity to purchase and resell three Boeing 737-200 aircraft. The increase
is due to our success in securing new customers and securing more business from
existing customers as their experience with us gives them confidence in the
quality of our work and our ability to equal or exceed customer expectations for
on-time delivery.

Included in the operating expenses for the Company in the year ended December
31,2003 is $568,000 associated with the award of stock and stock options. There
were no extraordinary items.

Gross profit levels during any particular period are dependent upon the number
and type of aircraft serviced, the contract terms under which services are
performed and the efficiencies that can be obtained in the performance of such
services. Significant changes in any one of these factors could have a material
impact on the amount and percentage of gross profits. Additionally, gross profit
could be impacted in the future by considerations as to the value of our
inventory.

We are cautiously optimistic that continued intense efforts both in marketing
our services and in containing our costs will help the Company maintain a profit
mode in spite of the problems the aviation industry has been experiencing over
the past several years. Management believes that the long-term growth of the
company should be based on a well-secured foundation of improved profit margins
and increased future business opportunities.

The following table graphically depicts our quarterly performance on a
consolidated basis and our Hamilton Aerospace operating subsidiary on a
stand-alone basis for the year ended December 31, 2003:

<PAGE>
                                               Renegade            Hamilton
Quarter ended                                consolidated         stand-alone
-------------                                ------------         -----------

March 31, 2003
                       Revenue               $  3,448,225        $  3,448,225
                       Cost of Sales        ($  2,818,668)      ($  2,818,668)
                       Expenses             ($    751,402)      ($    606,470)
                       Net Profit (Loss)    ($    121,845)       $     23,087

June 30, 2003
                       Revenue               $  4,071,135        $  4,071,135
                       Cost of Sales        ($  3,355,881)      ($  3,355,881)
                       Expenses             ($  1,012,372)      ($    704,892)
                       Net Profit (Loss)    ($    297,118)       $     10,362

September 30, 2003
                       Revenue               $  5,091,825        $  5,007,273
                       Cost of Sales        ($  4,465,474)      ($  4,397,250)
                       Expenses             ($  1,527,667)      ($    889,161)
                       Net Profit (Loss)    ($    901,316)      ($    279,138)

December 31, 2003
                       Revenue               $  2,767,167        $  2,539,534
                       Cost of Sales        ($  1,849,222       ($  1,678,119)
                       Expenses             ($    813,759)      ($    491,368)
                       Net Profit (Loss)     $    104,184        $    370,047

2003 YEAR END RESULTS
                       Revenue               $ 15,378,352        $ 15,066,167
                       Cost of Sales        ($ 12,489,247)      ($ 12,249,918)
                       Expenses             ($  4,188,533)      ($  2,691,890)
                       Net Profit (Loss)    ($  1,299,428)       $    124,359

<PAGE>

2002 Operations

The Company completed its acquisition of HAT in May 2002. HAT commenced
operations in late April 2002, and thus had only approximately eight months of
operations for 2002. During the quarter ended June 30, 2002, the second quarter
of the year, the Company incurred a net loss of $1,816,040, of which $489,140
was attributable to HAT operations. Approximately $1.3 million of that loss was
due to the grant of stock and stock options. Significant expenses during the
early days of operation were due to the high cost of sub-contracting services
prior to receiving a separate FAA Repair Station certificate. During the second
quarter of 2003 ending June 30, 2003, the Company

During the quarter ended September 30, 2002, the third quarter of the year, the
Company incurred a net loss of $526,898, of which $513,556 was attributable to
HAT's operations. The losses in the second and third quarters can be largely
attributed to the cost of setting up the HAT business to commence operations
including, but not limited to, the cost of attracting new business, hiring
qualified employees and management, entering into vendor relationships and
establishing internal operating and reporting systems.

Results in the fourth quarter ended December 31, 2002 reflect the upward
trend in HAT revenues during the first nine months of operation. HAT recorded a
profit for the first time, of $137,375.This reflects management's continual
efforts to minimize costs so that the available revenue opportunities, of an
extremely competitive and depressed marketplace, would be sufficient to foster
continued growth of the operation. Internal management policies implemented
during this inception year were necessitated by adherence to an overall
management strategy of long-term growth and profitability. We experienced a loss
of $227,847 for the fourth quarter on a consolidated basis, but HAT was
profitable on a standalone basis. Although the fourth quarter amounted to
approximately 1/3rd of our operating year for 2002, it contributed less than 10%
of the annual loss, which declined each quarter of 2002.

Our revenues for 2002 of $5,009,703 include $3,667,697 in labor billings
resulting from 72,523 billable hours. The $50.57 average per billable hour,
which we believe is among the highest in the industry, demonstrates the efficacy
of management's decision to maintain the core pre-assembled, highly competent,
workforce it found available at the inception of HAT operations. Our HAT
subsidiary was organized in April 2002, thus our financial results reflect
operations for only 8 months of 2002. Because of our recent organization and due
to concerns bout our financial stability, several potential customers and some
about former customers of Hamilton Aviation, Inc. were reluctant to send work to
us. During 2002 several of our customers experienced adverse financial problems
of their own of varying severity, which further adversely impacted our operating
results.

Operating expenses for 2002 were also negatively impacted by legal and
accounting costs. Included in operating expenses for the year ended December 31,
2002 are an aggregate of $1.3 million in non-recurring costs associated with the
award of stock and stock options. Our business evolved in 2002 to the point that
we turned low margin work away in the fourth quarter and were able to negotiate
better terms with certain customers. We were successful in retaining significant
customers of Hamilton Aviation, Inc., such as Pegasus Aviation and Falcon Air
Express, as well as adding large new customers such as Jetran International.

The following table graphically depicts our quarterly performance on a
consolidated basis and our Hamilton Aerospace operating subsidiary on a
stand-alone basis for the approximately eight months of operations in 2002:

<PAGE>

                                               Renegade          Hamilton
Quarter ended                                consolidated       stand-alone
-------------                                ------------       -----------

June 30, 2002
                         Revenue              $1,457,569         $1,487,569
                         Cost of Sales       ($1,343,104)       ($1,343,104)
                         Expenses            ($1,903,752)       ($  633,605)
                         Net Profit (Loss)   ($1,816,040)       ($  489,140)

September 30, 2002
                         Revenue              $1,447,808         $1,447,808
                         Cost of Sales       ($1,328,534)       ($1,328,534)
                         Expenses            ($  702,924)       ($  632,830)
                         Net Profit (Loss)   ($  526,898)       ($  513,556)

December 31, 2002
                         Revenue              $2,074,326         $1,447,808
                         Cost of Sales       ($1,729,088)       ($1,729,088)
                         Expenses            ($  573,085)       ($  207,862)
                         Net Profit (Loss)   ($  227,847)        $  134,375

2002 YEAR END RESULTS
                         Revenue              $5,009,703         $5,009,703
                         Cost of Sales       ($4,400,727)       ($4,400,727)
                         Expenses            ($3,179,761),      ($1,474,297)
                         Net Profit (Loss)   ($2,570,785)       ($  865,321)


As the above chart indicates, our HAT subsidiary achieved profitability in the
fourth quarter of 2002.

2001

For the year ended December 31, 2001, we had no operations, assets or revenues
and incurred a net loss of $11,166 as compared to a net loss of $18,182 for the
year ended December 31, 2000. Expenses in calendar 2001 related primarily to
miscellaneous filing fees, accounting fees and legal fees.

<PAGE>

                         LIQUIDITY AND CAPITAL RESOURCES
                                    Liquidity

As of December 31, 2003, we had $8,680 in cash on hand and approximately
$1,672,000 in collectible receivables. We did not raise meaningful capital
during 2003, which necessitated the financing of our HAT accounts receivable in
some instances. Besides the accounts receivable financing line, we did not have
a meaningful line of credit in 2003. Operations provided minimal net cash flow
and resulted in a loss of $1,278,440. This lack of working capital and
profitability has made it necessary for us to grow our business out of monthly
cash, but revenues nonetheless continued to grow through the fourth quarter of
2003 and since. In order to continue our growth and achieve stability, we need
to raise debt and/or equity capital.

HAT will require additional working capital to carry out its business
development plan. Management estimates that $750,000 to $1,000,000 in debt
and/or equity capital will be needed. Management is confident of its ability to
raise or borrow sufficient capital needed for operations as well as to implement
its business development plans. Our goals for 2004 are to raise the necessary
capital and to establish revolving lines of credit upon which we can draw as
needed.

The inability to raise funds or a continued lack of funds could result in the
failure to complete needed acquisitions of certain aviation assets and
inventory, as well as jeopardize HAT's future operating results. We currently
expect to fund expenditures for capital requirements as well as liquidity needs
from a combination of internally generated funds and financing arrangements. We
believe that our internally generated liquidity, together with access to
external capital resources, will be sufficient to satisfy existing commitments
and plans.

                              Short-Term Financing

As of December 31, 2003, the Company had placed invoices belonging to a single
customer, in full recourse financing. The debt is secured by the Company's
accounts receivable due from that customer, and bears interest at a rate of 42%
to 52% per annum. The total amount of unpaid invoices placed is $355,880.39 on
which the factor advanced $217,090.81, at December 31, 2003. The customer has
paid and has agreed to pay the full costs of these arrangements. Factoring was
necessitated by the cash flow problems created by our customer's inability to
make payments on his work with us in the typical time frame we contractually
provide for payments. The customer continues to make regular payments to the
factor. Since this is a full recourse financing, there is a degree of risk and
exposure that the Company would have to repay the factor in the event of the
customer's inability to pay.

On December 15, 2002, American Capital Ventures LLC agreed, subject to due
diligence, to provide the company with financing of up to $6 million. On March
1, 2003, HAT and the Company signed a secured promissory note with American
Capital Ventures, L.L.C. as the lender. The principal amount of the note was
$675,000 and interest was payable in monthly installments at the rate of l.25%
per month, payments were to begin April 1, 2003. The entire unpaid Principal and
any accumulated, accrued or unpaid interest thereon were due and payable on
September 1, 2003. This loan was amended and the then unpaid balance of $337,000
extended to 2004. On March 26, 2004, the above agreement was further amended.
The agreement now calls for the repayment of $354,375.00 at an interest rate of
1.5% per month on the unpaid balance. The amended agreement calls for principal
payments for half of the unpaid balance and a final payment of $176,146.87.
There is no expectation by the Company that any further borrowings, as were
mentioned above, will take place under this agreement.

At December 31, 2003, the Company had a short-term note agreement with Universal
Lease and Finance Corporation to facilitate short-term cash requirements still
outstanding in the amount of $200,000. The balance at March 19, 2004 was
$74,000.

The Company also has a note with Universal Lease and Finance Corporation that
provided funds to refurbish the small hangar, which was needed for the contract
with Mesa Airlines. This note is in the amount of $100,000 and is to be paid by
12 monthly payments of $9,834, which includes interest at 18%. The entire
balance is due on August 1, 2004.

                               Long-Term Financing

No long term financing was in place during 2003.

                Risk Factors Relating to Our Financial Condition
            We Have Substantial Debt that We May be Unable to Service

We currently are finalizing negotiations to purchase some of the physical assets
of Hamilton Aviation. Based upon current business and cash flow levels, we feel
confident we can service this debt out of operating cash flow. We currently have
significant outstanding indebtedness of $354,375 in the form of a bridge loan,
$176,147 of which is repayable in a lump sum installment August 15, 2004
("Bridge Loan"). The lender holds a secured position in all our assets,
including receivables and invoices. Our utilization of a Factor, through a
full-recourse factoring agreement, results in the factor holding a secured
position in our assets. The mediated agreement reached with a former director
Ronald Clark also gives Mr. Clark a security interest in our assets. The balance
due on the Cark agreement at December 31, 2003 was $136,860. These three
creditors are secured by virtually all of our assets. If we are unable to raise
equity capital to repay these creditors or to convince the holders of this debt
to convert their loans into our equity securities, the possibility exists that
we could face foreclosure proceedings. The degree to which we are leveraged
could have important consequences to us, including our vulnerability to adverse
general economic and industry conditions, our ability to refinance our
indebtedness, and our ability to obtain additional financing for future working
capital expenditures, general corporate or other purposes. Any equity capital
raised must be applied directly, dollar for dollar, against sums owing under the
Bridge Loan.

<PAGE>

We Depend on Financing Transactions

During 2002, we relied primarily upon significant borrowings under a factoring
arrangement in which we obtain financing on of our receivables to satisfy our
funding requirements. Despite obtaining the Bridge Loan, we have found it
necessary in 2003 to continue using this factoring arrangement. If we are unable
to raise sufficient equity capital, we cannot assure you that financing
alternatives will be available to us in the future to support our operations.

Our Lenders Impose Significant Restrictions On Us

The Bridge Loan imposes significant operating and financial restrictions on us.
These restrictions may significantly limit our ability to incur additional
indebtedness, pay dividends, repay indebtedness prior to its stated maturity,
sell assets or engage in mergers or acquisitions. In addition, our failure to
comply with these restrictions could result in an event of default which, if not
cured or waived, could materially adversely affect our business, financial
condition or results of operations. We incurred an overall loss for 2003,
despite a profitable fourth quarter, and we may incur losses in the future. If
we incur losses in the future, our ability to obtain sufficient working capital
for our operations and our ability to service our indebtedness may be impaired.

Possible Cancellations, Reductions or Delays

A large portion of our operating expenses is relatively fixed; therefore
cancellations, reductions or delays in orders by a customer or group of
customers could materially adversely affect our business, financial condition or
results of operations.

                          CRITICAL ACCOUNTING POLICIES

Financial Reporting Release No. 60 of the SEC encourages all companies to
include a discussion of critical accounting policies or methods used in the
preparation of the financial statements. Our consolidated financial statements
filed as part of this annual report include a summary of the significant
accounting policies and methods used in the preparation of our consolidated
financial statements.

REVENUE RECOGNITION. We recognize revenues related to engine overhaul services
when we ship the overhauled engine. Revenues from fixed-fee contracts for MROM
sales are recognized on the percentage-of-completion method, measured by the
cost-to-cost method, commencing when progress reaches a point where experience
is sufficient to estimate final results with reasonable accuracy. Revision in
cost and labor hour estimates and recognition of losses on these contracts are
reflected in the accounting period in which the facts become known. Revenues
from time and material contracts are recognized as the services are performed.

USE OF ESTIMATES. Management's discussion and analysis of financial condition
and results of operations is based upon our consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States. The preparation of our financial statements
requires management to make estimates and judgments that affect the reported
amounts of assets, liabilities, revenues and expenses, and the related
disclosure of contingent assets and liabilities. Management evaluates these
estimates on an on-going basis, including those related to estimated losses on
disposal of discontinued operations, the allowance to reduce inventory to the
lower of cost or net realizable value, the estimated profit recognized as
aircraft maintenance, design and construction services are performed, the
allowance for doubtful accounts and notes receivable, future cash flows in
support of long lived assets, medical benefit accruals, and the estimated fair
values of facilities under capital leases. Management bases its estimates on
historical experience and on various other assumptions that they believe are
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying value of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions.

Item 7. FINANCIAL STATEMENTS

The financial information required by Item 7 is included following Part III of
this report.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS OR ACCOUNTING AND
FINANCIAL DISCLOSURE

Not applicable.

<PAGE>

                                    PART III

Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT

The persons who serve as directors and executive officers of Renegade and of our
Hamilton Aerospace subsidiary, their positions and tenure held in Renegade and
Hamilton Aerospace, as the case may be, are listed below. The Board of Directors
is not divided into classes, and Directors serve one-year terms. Each director
will serve until the next annual meeting of shareholders, or until his
respective successor has been elected and duly qualified. Officers hold office
at the pleasure of the Board of Directors, absent any employment agreement, of
which none currently exist.

RENEGADE DIRECTORS AND
  EXECUTIVE OFFICERS

Name                          Age      Positions                  Term Expires
----                          ---      ---------                  ------------

     Ian Herman               57       Chairman of the Board      2004
                                       and Chief Executive
                                       Officer

     John B. Sawyer           38       President and              2004
                                       Director

     Gordon D. Hamilton       50       Director                   2004


HAMILTON AEROSPACE
EXECUTIVE OFFICERS

Name                          Age      Positions                  Term Expires
----                          ---      ---------                  ------------

     Ian Herman               57       Chairman of the Board      2006
                                       and Chief Executive
                                       Officer

     John B. Sawyer           38       Director, President        2006
                                       and Chief Operating
                                       Officer

     Gordon D. Hamilton       50       Director, Director of
                                       Public Relations and
                                       Corporate Compliance

     Alan Abate               47       Senior Vice President
                                       of Administration

     Patricia Graham          61       Chief Financial
                                       Officer

     Philip Watkins           38       Vice President of
                                       Maintenance


                            BIOGRAPHICAL INFORMATION

The following is a brief account of the business experience during at least the
past five years of each person who is a director and executive officer at the
time of filing this report, indicating the principal occupation and employment
during that period, and the name and principal business of the organization in
which such occupation and employment were carried out.

Ian Herman is Chairman of the Board and Chief Executive Officer. Ian is one of
the UK's most respected business executives having headed the Department of
Trade and Industry London and Southeast Development Board as Chairman for the
British government handling major inward investments into the U.K.. During that
time he evaluated and administered projects in diverse industries totaling more
than $200 million. He served as Chairman and Chief Executive of the British
World Airlines, where he took the group from losses of over $3 million to

<PAGE>


profits of over $3 million in 12 months and later raised $22 million in cash and
converted nearly $25 million of debt to equity. For his contribution to his
country's economic development, he was honored the coveted "Freedom of the City
of London" award.

John B. Sawyer, President, Chief Operating Officer and Director. From 1998
through May 6, 2002, John Sawyer was Chief Operating Officer of Hamilton
Aviation, Inc. From 1996 until 1997, Mr. Sawyer was president of Matrix
Aeronautica S.A. de C.V., a Mexican repair station located in Tijuana, Baja
California. John received an A.A. in Aerospace Engineering from the University
of Texas (Austin). In 1986 John joined Pan American World Airways based in
Berlin, Germany. Subsequent to that he worked as a Production Foreman at
Raytheon, a Quality Control Supervisor at TIMCO, a Heavy Maintenance
Representative for World Airways, and Director of Quality Control at Federal
Express Feeder.

Gordon D. Hamilton is a Company Director and Director of Public Relations and
Corporate Compliance. Gordon is the son of Hamilton Aviation founder, Gordon B,
Hamilton, and literally grew up in the aviation business. Mr. Hamilton joined
Hamilton Aviation full time as Vice President, Marketing after graduating with
honors from the University of Chicago in 1978 with a BA in Tutorial Studies.
Gordon became President and Chief Executive Officer of Hamilton aviation in
1993; a position that he held until joining Hamilton Aerospace in 2003.

                              Family Relationships

There are no family relationships between any directors or executive officers.


                              SIGNIFICANT EMPLOYEES

The following persons are considered significant employees of our HAT
subsidiary:

Ian Herman, Chairman and Chief Executive Officer. Biography above.

John B. Sawyer, President. Biography above.

Gordon D. Hamilton, Director of Public Relations and Corporate Compliance.
Biography above.

Alan R. Abate, Vice President and Senior Corporate Officer. Mr. Abate started
his aviation career in 1976. During his early years, he earned his FAA Airframe
and Powerplant certificates and honed his skills in transport category aircraft
maintenance and modification. By the mid-1980s, Mr. Abate had worked his way
into management with Hamilton Aviation, Inc. Working days and going to school at
night, he earned an Advanced Certificate and AAS degree, with honors, in
Business Administration from Pima College in Tucson, Arizona. Since his
involvement in executive management in the early 1990s, he has been directly
responsible for corporate administration and contract management. Currently, Mr.
Abate is responsible for contract management and corporate administration
including human resources and information systems for Hamilton.

Patricia Graham, Chief Financial Officer. Since 1995, Patricia Graham has been
associated with the aviation industry serving as Divisional Controller for IAC
Complete Controls, Inc., as Regional Controller for American Aircarriers
Support, Inc., and as Controller and Corporate Officer for Evergreen Air Center,
Inc. prior to joining Hamilton Aerospace. Ms. Graham graduated Summa Cum Laude
from the University of Arizona with a B.S. in Business Administration. Ms.
Graham has over 15 years history in accounting, fiscal planning and budgetary
operations, as well as 5 years public accounting experience.

Philip S. Watkins, Vice President of Maintenance. Phil joined Hamilton Aerospace
on May 6, 2002 as the Director of Maintenance. Prior to joining Hamilton
Aerospace, Mr. Watkins was Vice President of Operations for Hamilton Aviation,
Inc. since 2000. From 1995 to 2000, Mr. Watkins was Project Manager at TIMCO in
Greensboro, North Carolina, for the United 767 Heavy Maintenance Visits
programs. Prior to that, Mr. Watkins was Program Manager for West Virginia
Aerospace Inc., located in Bridgeport, West Virginia.

                         Exclusion of Director Liability

Pursuant to the General Corporation Law of Nevada, Renegade's Certificate of
Incorporation excludes personal liability on the part of its directors to
Renegade for monetary damages based upon any violation of their fiduciary duties
as directors, except as to liability for any acts or omissions which involve
intentional misconduct, fraud or a knowing violation of law or for improper
payment of dividends. This exclusion of liability does not limit any right which
a director may have to be indemnified and does not affect any director's
liability under federal or applicable state securities laws.

                                 Code of Ethics

Renegade has not adopted a code of ethics applicable to its executive officers
at this time. However, Renegade's Board of Directors has requested counsel to
develop and propose a code of ethics for adoption. Renegade anticipates that it
will adopt a code of ethics prior to June 30, 2004. Upon approval by the Board
of Directors, the code of ethics will be posted on its website
at www.hamaerotech.com.
   -------------------

<PAGE>


Item 10. EXECUTIVE COMPENSATION.

Renegade currently has in place an employee stock compensation plan and two
compensatory stock option plans. Renegade has no long-term incentive plans, as
that term is defined in the rules and regulations of the Securities and Exchange
Commission. There are no other compensatory or benefit plans, such as retirement
or pension plans, in effect or anticipated to be adopted at this time, although
in the future the Board of Directors may adopt other plans.

         Compensation of Officers and Directors and Executive Officers

The table below presents information concerning the compensation of the
Company's Chairman of the Board, Chief Executive Officer and its other most
highly compensated executive officers for the current year. None of such persons
were compensated by the Company or by HAT during 2001. Such officers are
sometimes collectively referred to below as the "Named Officers."
<TABLE>
<CAPTION>

                                                SUMMARY COMPENSATION TABLE

                                                  Long-Term Compensation

                                       Annual Compensation                    Awards            Payouts
                               ------------------------------------- ------------------------ -----------
(a)                     (b)    (c)         (d)          (e)          (f)         (g)          (h)          (i)
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------

Name and                Year   Salary      Bonus        Other        Restricted  Securities,  LTIP         Other
principal position                                                   Stock       Underlying   Payouts      Compensa-
                                                                     Awards      options &                 tion
                                                                                 SARs

                                                                     (Shares)
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
<S>                 <C> <C>    <C>                                   <C>
     Ian Herman     1   2003   $109,717    None         None         2,500,000   None         None         None
Chairman, CEO
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                    2   2002   $ 75,240    None         None         None        $40,000      None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2001   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2000   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------

------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
Ronald J. Clark         2003   $ 28,766    None         None         None        None         None         None
Former President,
CEO
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                    2   2002   $ 75,240    $15,000      None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2001   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2000   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------

------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
John B. Sawyer      1   2003   $142,159    None         None         2,500,000   None         None         None
President, COO
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                    2   2002   $ 88,310    None         None            400,000  None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2001   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2000   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------


<PAGE>


                                       Annual Compensation                    Awards            Payouts
                               ------------------------------------- ------------------------ -----------
(a)                     (b)    (c)         (d)          (e)          (f)         (g)          (h)          (i)
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------

Name and                Year   Salary      Bonus        Other        Restricted  Securities,  LTIP         Other
principal position                                                   Stock       Underlying   Payouts      Compensa-
                                                                     Awards      options &                 tion
                                                                                 SARs

                                                                     (Shares)
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
Randy J. Sasaki         2003   $0          None         None         None        None         None         None
Former Director
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                    3   2002   $0          $22,500      None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2001   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2000   $0          None         None         None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------

------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
John Brasher            2003   $0          None         None         None        None         None         None
Former Director
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                    3   2002   $0          None         $18,340      None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2001   $0          None         $  5,500     None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------
                        2000   $0          None         $  8,000     None        None         None         None
------------------- --- ------ ----------- ------------ ------------ ----------- ------------ ------------ -----------


(1) The Restricted stock awards given to Herman and Sawyer in 2003 are pursuant
to Employment Agreements filed under form DEF 14C on September 26, 2003.
(2) The bonus amounts payable in 2002 to Clark consist of awards of common stock
pursuant to the 1997 Employee Stock Compensation Plan. The restricted stock
awards consist of common stock awarded pursuant to the 1997 Employee Stock
Compensation Plan.
(3) Sasaki and Brasher were directors, and Sasaki was an executive officer of
the Company for the years respectively ended December 31, 2001 and 2002. Their
service terminated on May 3, 2002. Other compensation payable to Brasher for
those years consisted of legal fees.

None of the Named Officers received any form of non-cash compensation from the
Company or Hamilton Aerospace in the years ended December 31, 2003, 2002 or
2001, nor currently receives any such compensation. The Company intends to
implement employee benefits that will be generally available to all its
employees and its subsidiary employees, including medical, dental and life
insurance benefits and a 401(k) retirement savings plan.

                                                 OPTION/SAR GRANTS IN LAST FISCAL YEAR

                                                           Individual Grants

------------------------- ---------------------- ----------------------- ---------------------- ----------------------
(a)                       (b)                    ( c)                    (d)                    (e)
------------------------- ---------------------- ----------------------- ---------------------- ----------------------

Name                      Number of Securities   % of Total              Exercise or Base       Expiration Date
                          Underlying             Options/SARs Granted    Price ($/Sh)
                          Options/SARs Granted   to Employees in
                                                 Fiscal Year
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Ian Herman                None                   N/A                     N/A                    N/A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Ronald J. Clark           None                   N/A                     N/A                    N/A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
John B. Sawyer            None                   N/A                     N/A                    N/A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Randy J. Sasaki (1)       None                   N/A                     N/A                    N/A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
John Brasher (1)          None                   N/A                     N/A                    N/A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------

(1) Sasaki and Brasher were directors, and Sasaki was an executive officer, of
the Company during the year ended December 31, 2001 and 2000.


<PAGE>


                        AGGREGATED OPTION'SAR EXERCISES IN LAST FISCAL YEAR and FISCALYEAR-END OPTIONSAR VALUES

----------------------- --------------------- -------------------- ------------------------- -------------------------

(a)                     (b)                   ( c)                 (d)                       (e)
----------------------- --------------------- -------------------- ------------------------- -------------------------

Name                    Shares Acquired on    Value Realized ($)   Exercisable/Unexercisable Exercisable/Unexercisable
                        Exercise
----------------------- --------------------- -------------------- ------------------------- -------------------------
Ian Herman              None                  N/A                  N/A                       N/A
----------------------- --------------------- -------------------- ------------------------- -------------------------
Ronald J. Clark         None                  N/A                  N/A                       N/A
----------------------- --------------------- -------------------- ------------------------- -------------------------
John B. Sawyer          None                  N/A                  N/A                       N/A
----------------------- --------------------- -------------------- ------------------------- -------------------------
Randy J. Sasaki (1)     None                  N/A                  500,000                   N/A
----------------------- --------------------- -------------------- ------------------------- -------------------------
John Brasher (1)        None                  N/A                  500,000                   N/A
----------------------- --------------------- -------------------- ------------------------- -------------------------
</TABLE>


(1) Sasaki and Brasher were directors, and Sasaki was an executive officer, of
the Company during the year ended December 31, 2001. No value for the
unexercised options held by them at year end could be ascertained due to the
lack of any trading market in the Company's shares.

Randy Sasaki and John Brasher each exercised options to purchase 500,000 shares
of common stock. Otherwise, none of the Named Officers exercised any options or
SARs during the preceding two years.

1997 Employee Stock Compensation Plan

Renegade has adopted the 1997 Employee Stock Compensation Plan for employees,
officers, directors of Renegade and advisors to Renegade (the "ESC Plan"), which
has been approved by the shareholders. Renegade has reserved a maximum of
1,000,000 Common Shares to be issued upon the grant of awards under the ESC
Plan. Employees will recognize taxable income upon the grant of Common Stock
equal to the fair market value of the Common Stock on the date of the grant and
Renegade will recognize a compensating deduction at such time. The Board of
Directors administers the ESC Plan. All shares of Common Stock available under
the ESC Plan have been awarded and issued.

1997 Compensatory Stock Option Plan

Renegade has adopted the 1997 Compensatory Stock Option Plan for officers,
employees, directors and advisors (the "CSO Plan"). The shareholders have
approved this plan. Renegade has reserved a maximum of 2,000,000 Common Shares
to be issued upon the exercise of options granted under the CSO Plan. The CSO
Plan will not qualify as an "incentive stock option" plan under Section 422A of
the Internal Revenue Code of 1986, as amended. Options will be granted under the
CSO Plan at exercise prices to be determined by the Board of Directors or other
plan administrator. With respect to options granted pursuant to the CSO Plan,
optionees will not recognize taxable income upon the grant of options granted at
or in excess of fair market value. Renegade will be entitled to a compensating
deduction (which it must expense) in an amount equal to any taxable income
realized by an optionee as a result of exercising the option. The Board of
Directors administers the CSO Plan. All options available under the CSO Plan
have been awarded and issued.

2002 Compensatory Stock Option Plan

Renegade has adopted the 2002 Compensatory Stock Option Plan for officers,
employees, directors and advisors (the "2002 CSO Plan"). The shareholders have
not yet approved this plan. Renegade has reserved a maximum of 3,000,000 Common

<PAGE>


Shares to be issued upon the exercise of options granted under the 2002 CSO
Plan. The 2002 CSO Plan will not qualify as an "incentive stock option" plan
under Section 422A of the Internal Revenue Code of 1986, as amended. The Board
of Directors or other plan administrator will grant options under the 2002 CSO
Plan at exercise prices to be determined. With respect to options granted
pursuant to the 2002 CSO Plan, optionees will not recognize taxable income upon
the grant of options granted at or in excess of fair market value. Renegade will
be entitled to a compensating deduction (which it must expense) in an amount
equal to any taxable income realized by an optionee as a result of exercising
the option. The Board of Directors administers the 2002 CSO Plan. Options to
purchase an aggregate of 180,000 shares of Renegade common stock have been
granted under the 2002 CSO Plan.

2003 Employee Stock Compensation Plan

Renegade has adopted the 2003 Employee Stock Compensation Plan for officers,
employees, directors and advisors (the "2002 ESC Plan"). The shareholders have
not yet approved this plan. Renegade has reserved a maximum of 5,000,000 Common
Shares to be issued upon the grant of awards under the ESC Plan. Employees will
recognize taxable income upon the grant of Common Stock equal to the fair market
value of the Common Stock on the date of the grant and Renegade will recognize a
compensating deduction at such time. The Board of Directors administers the ESC
Plan. 2,800,000 shares of Common Stock available under the ESC Plan have been
awarded and issued.

                            Compensation of Directors

Renegade has no standard arrangements in place or currently contemplated to
compensate Renegade directors for their service as directors or as members of
any committee of directors.

Item 11. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters

The following table sets forth, as of December 31, 2003, the stock ownership of
each officer and director of Renegade, of all officers and directors of Renegade
as a group, and of each person known by Renegade to be a beneficial owner of 5%
or more of its Common Stock, $.001 par value per share. Except as otherwise
noted, each person listed below is the sole beneficial owner of the shares and
has sole investment and voting power of such shares. No person listed below has
any option, warrant or other right to acquire additional securities of Renegade,
except as noted.

<TABLE>
<CAPTION>


------------------------------------- --------------------------- --- ------------------

NAME AND ADDRESS OF                   AMOUNT OF COMMON STOCK          PERCENT OF COMMON
BENEFICIAL OWNER                      OWNED BENEFICIALLY              STOCK OUTSTANDING
------------------------------------- --------------------------- --- ------------------
<S>                                   <C>                         <C> <C>
Ian M. Herman                         2,700,000                   1   10.45 %
------------------------------------- --------------------------- --- ------------------
John B. Sawyer                        2,900,000                   2   11.23 %
------------------------------------- --------------------------- --- ------------------
Patricia Graham                          60,000                   3     .002%
------------------------------------- --------------------------- --- ------------------
All Directors and Executive Officers  5,660,000                       21.68 %
------------------------------------- --------------------------- --- ------------------

------------------------------------- --------------------------- --- ------------------
Old Mission Assessment Corporation    8,100,000                   4   31.36 %
------------------------------------- --------------------------- --- ------------------
LogiCapital Corporation               3,000,000                   5   11.61 %
------------------------------------- --------------------------- --- ------------------
Seajay Holdings                       1,500,000                   4    5.81 %
</TABLE>

------------------------------------- --------------------------- --- ----------
1    2,500,000 shares issued pursuant to Employment Agreement filed under DEF14C
     on September 26, 2003. (500,000 owned directly and 2,000,000 voting rights
     only, shares to be vested according to agreement terms)

<PAGE>


-------------------------------------------------------------------------------
2    2,500,000 shares issued pursuant to Employment Agreement filed under DEF14C
     on September 26, 2003. (500,000 owned directly and 2,000,000 voting rights
     only, shares to be vested according to agreement terms) 400,000 shares
     issued under 1997 Compensatory Stock Option Plan.
--------------------------------------------------------------------------------
3    60,000 shares issued under the 2002 Compensatory Stock Option Plan.
--------------------------------------------------------------------------------
4    Issued in the Company's acquisition of Hamilton Aerospace Technologies,
     Inc. On June 18, 2003 Superior Court of Maricopa County, Arizona issued a
     judgment directing the return of the certificate for the 8,100,000 shares
     of common stock. The shares have been voided. At December 31,2003 the
     shares had not been returned. The Board of Directors has asked for the
     return for cancellation of the 1,500,000 shares of common stock held by
     Seajay Holdings.
--------------------------------------------------------------------------------
5    Issued in the Company's acquisition of Johnstone SoftMachine Corporation.
     These shares are subject to an agreement wherein a company controlled by a
     member of the family of one of the Board of Directors agreed to purchase
     2,000,000 shares of this stock. This purchase produced a Note from the
     buyer, Perugia Design Corporation, for $100,000 which has been assigned by
     LogiCapital to the Company. The stock shares were not transferred at
     December 31, 2003.
--------------------------------------------------------------------------------


Item 12. Certain Relationships and Related Transactions.

There were no transactions, or series of transactions, for the years ended
December 31,2003, 2002 or 2001, to which Renegade was a party, in which the
amount exceeds $60,000, and in which to the knowledge of Renegade any director,
executive officer, nominee, five percent or greater shareholder, or any member
of the immediate family of any of the foregoing persons, have or will have any
direct or indirect material interest.

Item 13. Exhibits and Reports on Form 8-K.

(a) Exhibits. The following exhibits are filed with this report, except those
indicated as having previously been filed with the Securities and Exchange
Commission and incorporated by reference to another report, registration
statement or form. As to any shareholder of record requesting a copy of this
report, Renegade will furnish any exhibit indicated in the list below as filed
with report upon payment to Renegade of its expenses in furnishing the
information.

2.1 Stock Exchange Agreement and Plan of Reorganization dated April 12, 2002,
among the Company, JSC and the shareholders of JSC, incorporated by reference to
Exhibit 2.1 to Form 8-K dated May 1, 2003.................................... 1

2.1 Stock Exchange Agreement and Plan of Reorganization dated April 30, 2002,
among the Company, HAT and the shareholders of HAT, incorporated by reference to
Exhibit 2.1 to Form 8-K dated May 3, 2003.................................... 1

3.1 Articles of Incorporation of Renegade Venture Corporation, incorporated by
reference to Exhibit 3.1 to registration statement on Form S-18, file No.
33-30476 dated August 11, 1989 .............................................. 1

3.2 Bylaws of Renegade Venture Corporation, incorporated by reference to Exhibit
3.2 to registration statement on form S-18, file No.33-30476 dated August 11,
1989 ........................................................................ 1

3.5 Amendment to Articles of Incorporation of RenegadeVenture Corporation,
incorporated by reference from Exhibit 3.5 to Form 8-K dated August 16, 1996
.............................................................................. 1

3.6 Articles and Certificate of Merger dated September 18, 1997, between
Renegade Venture Corporation and Renegade Venture (Nev.) Corporation, a Nevada
corporation, with Merger Agreement attached thereto as Exhibit A, incorporated
by reference to Exhibit 2.1 to Form 8-K dated October 2, 1997. .............. 1

3.7 Certificate of Incorporation of Renegade Venture (Nev.) Corporation,
incorporated by reference to Exhibit 3.1 to Form 8-K dated October 2, 1997... 1

3.8 Bylaws of Renegade Venture (Nev.) Corporation, incorporated by reference to
Exhibit 3.2 to Form 8-K dated October 2, 1997................................  1


<PAGE>


3.9 Articles of Incorporation of Johnstone SoftMachine Corporation, incorporated
by reference to Exhibit 3.1 to Form 8-K dated May 1, 2003..................... 1

3.10 Bylaws of Johnstone SoftMachine Corporation, incorporated by reference to
Exhibit 3.2 to Form 8-K dated May 1, 2003..................................... 1

3.11 Articles of Incorporation of Hamilton Aerospace Technologies, Inc.,
incorporated by reference to Exhibit 3.1 to Form 8-K dated May 3, 2003........ 1

3.12 Bylaws of Hamilton Aerospace Technologies, Inc., incorporated by reference
to Exhibit 3.2 to Form 8-K dated May 3, 2003.................................. 1

4.1 Specimen common stock certificate, incorporated by reference to Exhibit 4.1
to registration statement of Form S-18, file No. 33-30476 dated
August 11, 1989............................................................... 1

10.1  Common Stock Option granted to Randy J. Sasaki.......................... 1

10.2  Common Stock Option granted to John D. Brasher Jr....................... 1

10.3 Data License Agreement dated April 12, 2002, between LogiCapital
Corporation and Johnstone SoftMachine Corporation, incorporated by reference to
Exhibit 10.1 to Form 8-K dated May 1, 2003.................................... 1

10.4 Sale of Assets Agreement dated April 15, 2002, between Hamilton Aerospace
and Hamilton Aviation, Inc., incorporated by reference to Exhibit 10.1 to Form
8-K dated May 3, 2002......................................................... 1

31   Certification under Section 302 of the Sarbanes-Oxley Act of 2002........ 2

32.1 Certification under Section 906 of the Sarbanes-Oxley Act of 2002........ 2

99.1 1997 Compensatory Stock Option Plan, incorporated by reference to Exhibit
10.1 to Form 8-K dated October 2, 1997........................................ 1

99.2 1997 Employee Stock Compensation Plan, incorporated by reference to Exhibit
10.2 to Form 8-K dated October 2, 1997........................................ 1

99.3 2002 Compensatory Stock Option Plan, incorporated by reference to Exhibit

1 - Incorporated by reference to another registration statement, report or
document.

2 - Included as part of this Report.

(b) Reports on Form 8-K.

May 1, 2002 - regarding JSC acquisition May 3, 2002 - regarding HAT acquisition

No reports on Form 8-K were filed in the fourth quarter of 2003. However, the
following reports were filed in earlier quarters:

August 8, 2003 - covering Item 1. Changes in Control of Registrant, Item 5.
Other Events, and Item 7. financial Statements and Exhibits. The exhibits were 2
employment agreements dated July 21, 2003.

September 11, 2003 - covering Item 5. Other Events, and Item 7. Financial
Statements and Exhibits. The exhibits were 2 employment agreements dated August
28, 2003 and restating the agreements present in 8-K filed on August 8, 2003.

<PAGE>


                                   SIGNATURES

In accordance with section 13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant caused this Report on Form 10-KSB to be signed on its behalf by
the undersigned, thereto duly authorized individual.


Date: March 30, 2004

RENEGADE VENTURE (NEV.) CORPORATION


By:/s/  Ian Herman
----------------------------------
 Ian Herman, Chief Executive
Officer


In accordance with the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.


      Name                                                          Date
      ----                                                          ----

/s/  Ian M. Herman                                               4/15/2003
------------------------------------------------
     Ian M. Herman
     Director, Chairman, Chief Executive Officer
     And Chief Financial Officer
     (Principal Executive Officer)



/s/  John B. Sawyer                                             3/30/2004
-------------------------------------------------
     John B. Sawyer
     President, Director (Chief Operating Officer)



/s/  Patricia Graham                                            3/30/2004
-------------------------------------------------
     Patricia Graham
    (Principal Financial and Accounting Officer)


<PAGE>


                           Larry O'Donnell, CPA, P.C.
Telephone (303) 745-4545                                2228 South Fraser Street
                                                                          Unit 1
                                                          Aurora, Colorado 80014


                          Independent Auditor's Report

Board of Directors and Stockholders
Renegade Venture Corporation

I have audited the accompanying consolidated balance sheet of Renegade Venture
Corporation as of December 31, 2003 and 2002 and the related consolidated
statements of operations, changes in stockholders' equity and cash flows for the
then years ended. These financial statements are the responsibility of the
Company's management. My responsibility is to express an opinion on these
financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards
in the United States of America. Those standards require that I plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe my audits provide a reasonable basis for my
opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Renegade Venture Corporation as of
December 31, 2003 and 2002 and the results of its operations and their cash
flows for the years then ended in conformity with generally accepted accounting
principles in the United States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern. As discussed in Note 14, the
Company's has negative working capital, negative cash flows from operations and
operating losses which raises substantial doubt about its ability to continue as
a going concern. Management's plans in those matters are also described in Note
14. The consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

Larry O'Donnell, CPA, P.C.

March 21, 2004


<PAGE>


                       RENEGADE VENTURE (NEV) CORPORATION
                           Consolidated Balance Sheet
                           December 31, 2002 and 2003
                                    (audited)


                                     ASSETS

                                                       2002              2003
                                                    ----------        ----------
CURRENT ASSETS
Cash and cash equivalents
                                                    $    1,891        $    8,680
Accounts receivable                                    753,474         1,612,945
Note receivable: related party                            --               6,400
Inventory                                              412,589           570,794
Other current assets                                   100,781           392,407
                                                    ----------        ----------

  TOTAL CURRENT ASSETS                              $1,268,735        $2,591,226

Property, plant and equipment                          475,204           532,388
Other non-current assets                                43,209           122,167
                                                    ----------        ----------

  TOTAL ASSETS                                      $1,787,148        $3,245,781
                                                    ==========        ==========



<PAGE>
<TABLE>
<CAPTION>
                              RENEGADE VENTURE (NEV) CORPORATION
                                  Consolidated Balance Sheet
                                  December 31, 2002 and 2003
                                          (audited)


                             LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                      2002                       2003
                                                                   -----------              -----------
CURRENT LIABILITIES
<S>                                                                <C>                      <C>
Notes payable                                                      $   100,632              $   798,862
Note payable-related party                                             117,000                     --
Accounts payable - trade                                               701,523                1,691,853
Accounts payable - related party                                        79,202                   71,827
Due to factor                                                          106,484                  394,391
Customer deposits                                                         --                     27,800
Billings in excess of costs and estimated
  earnings on contracts in progress                                     73,351                  323,686
Accrued liabilities                                                    916,017                  688,518
Commitments & contingencies                                               --                    400,535
                                                                   -----------              -----------

  TOTAL LIABILITIES                                                $ 2,094,209              $ 4,397,472
                                                                   ===========              ===========

STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value,  5,000,000 shares
  Authorized, no shares issued or outstanding                              --                      --
Common stock, $.001 par value, 50,000,000 shares
  authorized 18,980,000 and 17,480,000 shares issued
  2002 and 2003 and 18,410,000 and 17,480,000
  shares outstanding 2002 and 2003
                                                                        19,360                   18,110
Additional paid-in capital                                           1,904,075                2,412,123
Deferred compensation                                                  (66,000)                (332,000)
Contributed capital                                                    520,289                  620,289
Accumulated deficit, prior year                                                              (2,570,785)
Accumulated earnings (deficit) current year                         (2,570,785)              (1,299,428)
                                                                   -----------              -----------

  Total paid-in capital and accumulated deficit                       (193,061)              (1,151,691)

Less: treasury stock, at cost, 330,000 shares                         (114,000)                    --
                                                                   -----------              -----------

  TOTAL STOCKHOLDERS' EQUITY                                          (307,061)              (1,151,691)
                                                                   ===========              ===========

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                       $ 1,787,148              $ 3,245,781
                                                                   ===========              ===========


<PAGE>


                       RENEGADE VENTURE (NEV) CORPORATION
                      Consolidated Statement of Operations
                        As of December 31, 2002 and 2003
                                    (audited)

                                                        2002            2003
                                                   ------------    ------------


Net sales                                          $  5,009,703    $ 15,378,352

Cost of sales                                         4,400,727      12,489,247
                                                   ------------    ------------

Gross profit                                            608,976       2,889,105
Selling, general and administrative expenses          3,106,423       3,727,036
                                                   ------------    ------------

Gain (loss) from operations                          (2,497,447)       (837,931)

Other income (expense):
  Interest income                                        67,858         370,030
  Interest expense                                     (114,386)       (690,663)
  Miscellaneous expense                                  (7,790)        (19,551)
  Miscellaneous income                                    7,547          10,780
  Penalties                                             (26,568)       (132,096)
                                                   ------------    ------------

Net loss                                           $ (2,570,785)   $ (1,299,428)
                                                   ============    ============

Net loss per share                                 $      (0.14)   $      (0.07)
                                                   ============    ============

<PAGE>


                         RENEGADE VENTURE (NEV) CORPORATION
                     STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
               FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2002 AND 2003


                                                                      Common Stock
                                                           --------------------------------
                                                              Shares               Amount

Balance at March 31, 2002                                      320,000          $       320

Exercise of stock options                                    1,000,000                1,000
Loss prior to reverse merger                                     --                    --
                                                           -----------          -----------
Balance prior to mergers                                     1,320,000                1,320

Acquisition of Johnstone Softmachine Corporation             3,000,000                3,000
Effect of reverse merger with Hamilton Aerospace            12,500,000               12,500
                                                           -----------          -----------
Balance after reverse merger                                16,820,000               16,820

Stock surrendered                                             (380,000)                --
Options granted                                                  --                    --
                                                           -----------          -----------
Issuance of stock for services                               2,540,000                2,540
Net income for the period ended December 31, 2002                --                    --
                                                           -----------          -----------

Balance at December 31, 2002                                18,980,000               19,360

Activity through March 31, 2003
              Shares issued 1st quarter                         50,000                   50
              Shares returned                                  (50,000)                 (50)
Activity thru June 30, 2003
              see below
Activity through September 30, 2003
              Shares returned  *                            (1,560,000)              (1,560)
              Shares issued    **                            5,610,000                5,610
              No stock held in treasury
Activity through December 31, 2003
              Shares issued                                  2,800,000                2,800
                                                           -----------          -----------

Balance at December 31, 2003                                25,830,000               27,610

Note:

Financial statements in 2nd quarter of 2003 were adjusted to reflect changes in
shares due to the following:
***  Court order discussed under Commitments
      and Contingencies                            (8,100,000) ***      (8,100)
**** Mediation agreement discussed under
      Commitments and Contingencies                  (250,000) ****

     Balance at December 31, 2003 adjusted
     for results of legal prceedings               17,480,000          $18,110

*    Correction related to 60,000 shares at .30 per share which were not issued,
     $18,000 expense. Reduction entered in 4th quarter.

**   Correction from 3rd quarter 10Q filing 5,000,000 shares were recorded at
     .30 per share should be at .08 per share.

<PAGE>


                                      RENEGADE VENTURE (NEV) CORPORATION
                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      As of December 31, 2002 and 2003
                                                  (audited)

                                                                      2002                      2003
                                                                  -----------               ------------
Increase (Decrease) in Cash and Cash Equivalents:

Cash flows from operating activities:
    Net Profit/(Loss)                                             $(2,570,785)              $(1,299,428)

Adjustments to reconcile net loss to
  net cash provided (used) by operating activities:
    Depreciation                                                        7,983                   111,904
    Expenses paid with stock                                        1,342,900                  (746,000)
                                                                  -----------               -----------
Net adjustments to reconcile net loss to net cash                   1,350,883                  (634,096)

Changes in Assets and Liabilities:
    Accounts receivable                                              (796,185)                 (859,471)
    Prepaid expenses                                                 (100,781)                  (15,216)
    Restricted funds                                                     --                     (75,410)
    Other current assets                                             (137,589)                 (157,784)
    Other non-current assets                                          (43,209)                   22,292
    Accounts payable-trade                                            701,523                 1,067,726
    Accounts payable-related party                                     79,202                   (55,202)
    Due to factor                                                     106,484                   272,979
    Customer deposits                                                    --                      27,800
    Billings in excess of cost and estimated
       earnings on contracts in progress                               73,351                   250,335
    Commitments and contingencies                                        --                     400,535
     Accrued liabilities                                              916,017                   652,461
                                                                  -----------               -----------
Net cash used by operating activities                               2,149,696                   896,949

Cash flows from investing activities:
    Purchase of property, plant and equipment                        (195,187)                  (83,941)
                                                                  -----------               -----------
Net cash used by investing activities                                (195,187)                  (83,941)

Cash flows from financing activities:
    Notes payable                                                     100,632                   598,061
    Paid in capital                                                   400,535                   100,000
    Issuance of stock                                                    --                      19,798
    Note receivable                                                      --                    (101,250)
     Note receivable -- related party                                    --                      (6,400)
    Notes payable -- related party                                    117,000                  (117,000)
                                                                  -----------               -----------
Net cash provided by financing activities                             618,167                   493,209

Net increase in cash and cash equivalents
                                                                        1,891                     6,789
Cash and cash equivalents at beginning of period                         --                       1,891

                                                                  -----------               -----------

Cash and cash equivalents at end of period                        $     1,891               $     8,680
                                                                  ===========               ===========
</TABLE>

<PAGE>


                       RENEGADE VENTURE (NEV) CORPORATION
                          Notes to Financial Statements
                                December 31, 2003

1. BASIS OF PRESENTATION

The accompanying audited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for financial information. In the opinion of management, all adjustments
consisting of normal recurring adjustments considered necessary to a fair
presentation have been included.

The condensed consolidated financial statements include the accounts of Renegade
Venture (NEV.) Corporation and its wholly owned subsidiaries, Hamilton Aerospace
Technologies, Inc. ("Hamilton Aerospace") and Johnstone Softmachine
Corporation("Johnstone"), collectively, the "Company". All were acquired by
Renegade on April 30,2002. As such, the financial statements reflect the
accounting activity of Hamilton Aerospace since its inception, April 5, 2002.

2. ORGANIZATION AND NATURE OF OPERATIONS

Renegade Venture (Nev.) Corporation, formerly Renegade Venture Corporation, was
incorporated on February 13, 1989, as a Delaware corporation. In 1997, the
Company was re-domiciled as a Nevada Corporation through a merger with a newly
formed Nevada Corporation, Renegade Venture (NEV.) Corporation, a wholly owned
subsidiary of Renegade Venture Corporation.

On April 30, 2002, the Company acquired 100% of the common stock of Hamilton
Aerospace Technologies Inc. ("HAT") pursuant to a Stock Exchange Agreement
whereby the former shareholders of Hamilton Aerospace received 12,500,000 common
shares of Renegade Venture (NEV.) Corporation. Subsequent to this reverse merger
there were 16,200,000 total common shares outstanding. Hamilton Aerospace was
formed on April 5, 2002 and commenced operations on April 15, 2002. HAT provides
large aircraft maintenance, repair and modification services to owners and
operators of large transport-category commercial jet aircraft. Services of this
nature are required and needed by passenger and cargo air carriers, aircraft
lessors, and governmental entities.

On April 12, 2002, Renegade Venture (NEV.) Corporation acquired 100% of the
common stock of Johnstone Softmachine Corporation (Johnstone) pursuant to the
Stock Purchase Agreement and Plan of Reorganization by and between LogiCapital
Corporation (the principal shareholder of Johnstone), an entity controlled by
John Brasher, who, at that time, was a director of Renegade Venture (NEV.)
Corporation (he has since resigned) and Renegade Venture (NEV.) Corporation. Mr.
Brasher was also a principal stockholder of Renegade Venture (NEV.) Corporation
prior to the merger. As such, this transaction represented a transfer between
control groups and is reported on a historical cost basis. Johnstone was formed
on May 8, 1996 has had no substantial operations, and is in the development
stage. Johnstone currently lacks the funding necessary to commence operations.

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Trade Accounts Receivable

Trade accounts receivable represent amounts billed but uncollected on both
completed and in-progress aircraft repair and maintenance contracts.

Accounts receivable are stated at the amount management expects to collect from
outstanding balances. Management provides for probable uncollectible amounts
through a charge to earnings and a credit to a valuation allowance based on its
assessment of the current status of individual accounts. The allowance is
estimated as a percentage of accounts receivable based on a review of accounts
receivable outstanding and the Company's prior history of uncollectible accounts
receivable. Balances that are still outstanding after management has used
reasonable collection efforts are written off through a charge to the valuation
allowance and a credit to trade accounts receivable. Changes in the valuation
allowance have not been material to the financial statements.

Inventory

Inventories are stated at the lower of cost (first-in, first-out) or market.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is provided for on the
straight-line method over the estimated useful lives of the assets. Amortization
of leasehold improvements is computed using the shorter of the lease term or the
expected useful life of the assets. Maintenance and repairs that neither
materially add to the value of the property nor appreciably prolong its life are
charges to expense as incurred. Betterments or renewals are capitalized when
incurred. Property and equipment are reviewed periodically to determine whether
any events or circumstances indicate that the carrying amount may not be
recoverable. Such review includes estimating future cash flows.

<PAGE>


Revenue and Cost Recognition

Revenues from fixed-fee contracts for MRO sales are recognized on the
percentage-of-completion method, measured by the cost-to-cost method, commencing
when progress reaches a point where experience is sufficient to estimate final
results with reasonable accuracy. Revision in cost and labor hour estimates and
recognition of losses on these contracts are reflected in the accounting period
in which the facts become known. Revenues from time and material contracts are
recognized as the services are performed.

New Accounting Pronouncements:

In August 2001, the Financial Accounting Standards Board (FASB) issued SFAS No.
144, Accounting for the Impairment or Disposal of Long-Lived Assets, which
supersedes SFAS No. 121, Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed of and the accounting and reporting
provisions of APB Opinion No. 30. SFAS No. 144 addresses financial accounting
and reporting for the impairment or disposal of long-lived assets and is
effective for fiscal years beginning after December 15, 2001, and interim
periods within those fiscal years.

In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN 45"),
Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Others. FIN 45 requires that upon issuance of a
guarantee, the guarantor must recognize a liability for the fair value of the
obligation it assumes under that guarantee. The interpretations provisions for
initial recognition and measurement should be applied on a prospective basis to
guarantees issued or modified after December 31, 2002. The disclosure
requirements are effective for financial statements of both interim and annual
periods that end after December 15, 2002. The Company has no guarantees, and
therefore believes the adoption of FIN 45 will not have a material impact on its
financial statements.

In December 2002, the FASB issued SFAS No. 148, Accounting or Stock Based
Compensation--Transition and Disclosure--an Amendment of SFAS No. 123,
Accounting for Stock-Based Compensation. This Statement provides alternative
methods of transition for a voluntary change to the fair value based method of
accounting for stock-based employee compensation. In addition, this Statement
amends the disclosure requirements of SFAS No. 123 to require prominent
disclosures in both annual and interim financial statements about the methods of
accounting for stock-based employee compensation and the effect of the method
used on reported results. The statement has varying effective dates commencing
with interim periods beginning after December 15, 2002. The Company does not
expect the adoption of SFAS No. 148 to have a material effect on its financial
statements.

In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"),
Consolidation of Variable Interest Entities--an Interpretation of ARB No. 51.
FIN 46 addresses consolidation of business enterprises of variable interest
entities. FIN 46 is effective February 1, 2003. The Company does not expect the
adoption of FIN 46 to have an effect on its financial statements.

In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity. This Statement
establishes standards for how an issuer classifies and measures certain
financial instruments with characteristics of both liabilities and equity. This
Statement is effective for financial instruments entered into or modified after
May 31, 2003, and otherwise is effective at the beginning of the first interim
period beginning after June 15, 2003. SFAS No. 150 is to be implemented by
reporting the cumulative effect of a change in an accounting principal for
financial instruments created before the issuance date of the Statement and
existing at the beginning of the interim period of adoption. The Company does
not expect the adoption of SFAS No. 150 to have a material effect on its
financial statements.

Stock-Based Compensation

As permitted under the Statement of Financial Accounting Standards No. 123 (SFAS
No. 123), "Accounting for Stock-Based Compensation", the Company accounts for
its stock-based compensation to employees in accordance with the provisions of
Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued
to Employees". As such, compensation expense is recorded on the date of grant
only if the current market price of the underlying stock exceeded the exercise
price. Certain pro forma net income and EPS disclosures for employee stock
option grants are also included in the notes to the financial statements as if
the fair value method as defined in SFAS No. 123 had been applied. Transactions
in equity instruments with non-employees for goods or services are accounted for
by the fair value method.

4. INVENTORY

Inventories consisted of the following:

               ---------------------- ---------------- -----------------
                                      2002             2003
               ---------------------- ---------------- -----------------
               New aircraft parts     $ 137,589        $ 145,794
                ---------------------- ---------------- -----------------
               Rotable parts            275,000          425,000
               ---------------------- ---------------- -----------------
                                      ------------     ------------
               ---------------------- ---------------- -----------------
                                      $ 412,589        $ 570,794
               ---------------------- ---------------- -----------------

<PAGE>


5. PROPERTY AND EQUIPMENT


                                   2002         2003
                                   ----         ----

Land and improvements           $  25,094    $  25,094
Buildings and improvements         25,133      123,313
Vehicles                           34,040       45,040
Machinery and equipment           398,920      458,827
Less accumulated                    7,983      119,886
depreciation
Property and equipment,         $ 475,204     $532,388
Net

During 2002 and 2003 depreciation expense was $7,983 and $111,903.


6. SHAREHOLDERS' EQUITY

Common Stock

In 1996, the Company's articles of incorporation were amended, making several
changes affecting common stock. A reverse-stock split was approved, whereby each
100 shares of original common stock were exchanged into one share of common
stock. This action reduced the outstanding common shares from 3,200,000 to
320,000. The number of authorized common shares was increased after the reverse
split 32,000,000 to 320,000. The number of authorized common shares was
increased after the reverse split from 32,000,000 to 50,000,000. In addition,
the amount of authorized preferred stock was changed to 5,000,000 shares. As a
result of the re-domiciliation to Nevada, statutory par value of $.001 for both
common and preferred stock was established.

As discussed in Note 1, the Company has gone through two acquisitions during the
quarter ended June 30, 2002. Under the terms of these mergers, the Company
issued 3,000,000 common shares to the stockholders of Johnstone Softmachine
Corporation and 12,500,000 shares to the stockholders of Hamilton Aerospace
Technologies, Inc. The issuance of these shares is reflected in the accompanying
financial statements.

On July 21, 2003 the Directors of the Company took the following actions by
Unanimous Consent of the Board of Directors in lieu of Special Meeting:

     The 8,100,000 shares held by OMAC, 1,500,0000 shares held by Seajay
     Holdings, LLC and 1,500,000 shares held by Joane Corporation were declared
     void due to failure of consideration for the issuance of such shares.
     Further the proper officers of the Corporation were authorized and directed
     to take all action necessary to cause the certificate representing the
     8,100,000 shares of common stock held by OMAC to be returned to the
     Corporation for cancellation in accordance with the terms of aJudgment,
     discussed in Note 7 below, as entered by the Superior Court of Maricopa
     County Arizona. The proper officers of the Company were authorized and
     directed in accordance with said Judgment to open an escrow account and to
     fund such account in the amount of $400,535.14 within 90 days of the return
     and cancellation of the OMAC certificate. Further the certificate of Joane
     Corporation, representing 1,500,000 shares of common stock, shall be
     canceled. The shares represented by such certificate shall revert to
     authorized and unissued shares of the Company's capital stock. Further, the
     proper officers of the Corporation were authorized and directed to take
     such action as necessary to cause the certificate held by Seajay Holdings,
     LLC to be returned to the Company for cancellation.

     The Board of Directors determined that it would be in the best interest of
     the Company to enter into employment agreements with its executive
     officers, Ian Herman and John B. Sawyer. Included in the terms of each
     employment agreement is a grant of 2,500,000 shares of common stock each to
     Messrs. Herman and Sawyer. The shares are subject to vesting. The
     employment agreements were approved by owners of the majority of the
     outstanding shares of the Company's common stock as of July 29, 2003.
     Details of these employment agreements can be found in Form 8-K filed
     September 11,2003.

     On October 15, 2003, the Company was notified that an agreement between
     LogiCapital Corporation and Perugia Design Corporation, a company
     controlled by a family member of one of the Company's Directors, had been
     reached. This agreement calls for the sale fo 2,000,000 shares of the
     3,000,000 shares held by LogiCapital, discussed earlier. At December 31,
     2003 the stock had not been transferred to Perugia Design Corporation.

                                  Stock Options

During 1996, the Company's shareholders approved the 1994 Compensatory Stock
Option Plan. The plan provides for options to purchase up to 2,000,000 shares of
common stock, after the reverse stock split discussed above. The options give
the right to purchase common stock at "fair market value", as determined by the
board of Directors, at the date of issuance for a period of up to five (5)
years.

<PAGE>


During the 1996, the Company's shareholders also approved the 1994 Employee
Stock Compensation Plan. This plan allows for up to 1,000,000 shares of common
stock, after the reverse stock split discussed above, to be issued to key
employees, officers, directors, and certain other persons affiliated with the
Company, as compensation. As part of the 1997 re-domiciliation to Nevada, the
1994 plans described above were adopted and renamed the 1997 Compensatory Stock
Option Plan and the 1997 Employee Stock Compensation Plan by the Nevada
Corporation. Under the terms of both of these plans, the Company is not
permitted to issue options from these plans after April 15, 2004.


During the quarter ended June 30, 2002, the Company's shareholders approved the
2002 Compensatory Stock Option Plan. The plan provides for options to purchase
up to 3,000,000 shares of common stock. The options give the right to purchase
common stock at "fair market value", as determined by the Board of Directors, at
the date of issuance for a period of up to ten (10) years. Under the terms of
the plan, the Company is not permitted to issue options from the 2002
Compensatory Plan after April 14, 2012. The plan was filed on October 3, 2003.

On May 5, 1999, the Company issued 1,000,000 stock options to two directors
under the 1997 Compensatory Stock Option plan. These options had a three (3)
year term and an exercise price of $.05 per share. These options were exercised
on April 30, 2002, resulting in total proceeds to the Company of $50,000.
Subsequently, these two directors resigned and were replaced on the Board after
the reverse merger with Hamilton Aerospace.

On May 3, 2002, the Company also granted and issued 1,000,000 shares of common
stock to various directors, employees, and consultants of the Company under the
1997 Employee Stock Compensation Plan. The Company recorded an expense of
$330,000 for the quarter ended June 30, 2002 as a result of this grant, which is
included in selling, general and administrative expenses on the accompanying
statement of operations.

On May 31, 2002, the Company granted and issued 650,000 common shares to an
employee and consultants in exchange for options granted on May 3 2002, under
the 1997 Compensatory Stock Option Plan for additional services that were
rendered. The Company has recorded an expense of $650,000 for the quarter ended
June 30, 2002 as a result of this grant, which is included in selling, general
and administrative expenses on the accompanying statement of operations.

Prior to June 30, 2002, 330,000 of the shares previously granted to consultants
for services rendered were returned to the Company to reflect a $99,0000
adjustment to the value of the services performed.

On November 15, 2002, The Board cancelled 1,180,000 of unexercised options
issued under the 2002 Compensatory Stock Option Plan. The options were
exercisable by their terms only during the respective optionee's employment or
other service with the Company, or during a 30-day grace period following
termination without cause of such employment or other service.

On November 14, 2002, the Company granted 150,000 shares of common stock to an
outside consultant of the Company under the 1997 Compensatory Stock Option Plan.
The Company values the services received at $25,000 and recorded an expense in
that amount for the quarter ended December 31, 2002. This expense is included in
selling, general and administrative expenses on the accompanying statement of
operations.

On December 5, 2002, the Board agreed to grant options to key management
personnel of HAT in the amount of 240,000 shares under the 2002 Compensatory
Stock Option Plan. Options will be restricted for one year. Due to the loss of
one of the key management people, during the restriction period, 60,000 shares
were never issued.

On August 26,2003, the Directors of the Company granted and issued 150,000
shares of common stock to an outside consultant for services rendered to the
Company which the Directors valued at $45,000.

On August 26,2003, the Directors of the Company granted and issued 100,000
shares of common stock to outside consultants to the Company under the 1997
Compensatory Stock Option Plan. The Company valued these services at $20,000.

On September 11,2003, the Directors of the Company granted and issued 100,000
shares of common stock to outside consultants to the Company under the 1997
Compensatory Stock Option Plan. The Company valued these services at $20,000.

On September 26,2003 the Directors of the Company granted and issued 260,000
shares of common stock to outside consultants for services rendered to the
Company under the 1997 Compensatory Stock Option Plan. The Company valued these
services at $52,000.

On October 3, 2003, the Company filed The 2002 Compensatory Stock Option Plan
registering 3,000,000 shares of common stock ($.001 par value) at a proposed
maximum offering price of $.20 per share.

On October 6, 2003, the Company filed The 2003 Employee Stock Compensation Plan
registering 5,000,000 shares of common stock ($.001 par value) at a proposed
maximum offering price of $.20 per share.

On October 7, 2003, the Company awarded 500,000 shares of common stock under the
2003 Employee Stock Compensation Plan of the Company for legal services and
1,100,000 shares of common stock under the 2003 Employee Stock Compensation Plan
of the Company for consultant services. The Board of Directors determined that
the fair value of these shares on the date of grant was $.18 per share.

On October 15, 2003, the Company awarded 1,200,000 shares of common stock under
the 2003 Employee Stock Compensation Plan of the Company for consultant
services. The Board of Directors determined that the fair value of the shares on
the date of grant was $.18 per share.

<PAGE>
<TABLE>
<CAPTION>


                  SUMMARY OF STOCK OPTION ACTIVITY

-------------------------------------- -------------------- --------------------- -------------
                                       TOTAL SHARES         ISSUED                AVAILABLE
-------------------------------------- -------------------- --------------------- -------------
<C>                                         <C>             <C>                             <C>
1997 Employee Stock Compensation Plan       1,000,000       1,000,000                       0
-------------------------------------- -------------------- --------------------- -------------
1997 Compensatory Stock Option Plan         2,000,000       2,000,000                       0
-------------------------------------- -------------------- --------------------- -------------
2002 Compensatory Stock Option Plan         3,000,000         180,000               2,820,000
-------------------------------------- -------------------- --------------------- -------------

2003 Employee Stock Compensation Plan       5,000,000       2,800,000               2,200,000
-------------------------------------- -------------------- --------------------- -------------
</TABLE>


Pro-forma Stock-based Compensation Disclosure

The Company has adopted the disclosure-only provisions of SFAS No. 123,
"Accounting for Stock-Based Compensation." but applies accounting Principles
Board Opinion No. 25, "Accounting for Stock Issued to Employees", and related
interpretations in accounting for its plans.

7.  COMMITMENTS AND CONTINGENCIES

On June 18, 2003, the Company obtained a judgment in the Superior Court of
Maricopa County, Arizona directing the return of a certificate of 8,100,0000
shares of common stock. Under the judgment the Company upon obtaining and
canceling the stock certificate will pay into escrow $400,535.14, the
consideration originally received by the Company for the shares. The
accompanying financial statements reflect this judgment and the resulting
liability.

In June 2003, the Company reached a mediated agreement with a former director,
Ronald Clark, wherein Mr. Clark will be paid a monetary settlement. A portion of
that settlement relates to stock and a note, created to satisfy the Company's
obligation, will also cover interest and principal of a prior Company borrowing.
Additionally, the Company purchased consignment inventory by means of payment on
a second note, which was paid off during the third quarter of 2003. (See
Subsequent Events.)

On March 1, 2003, Hamilton Aerospace and the Company signed a secured promissory
note with American Capital Ventures, L.L.C. as the lender. The principal amount
of the note was $675,000. Interest was payable in monthly installments at the
rate of l.25% per month, payments beginning April 1,2003. The entire unpaid
Principal and any accumulated, accrued or unpaid interest thereon are due and
payable on September 1, 2003. Only $300,000 was ever received by HAT and a new
agreement adds interest and fees to a restated principal balance of $354,375.
The new agreement specifies quarterly interest payments at a rate of 15%
interest per annum. The original loan represented the first installment of a
bridge loan of up to $2 million. This bridge loan will be replaced by a
combination of a preferred stock offering and a $4 to $6 million credit
facility. (See Subsequent Events.)

Renegade signed a note with Universal Lease and Finance Corporation on September
3, 2003. This note provided funds to refurbish the small hangar. This note is in
the amount of $100,000 and is to be paid by 12 monthly payments of $9,834, which
includes interest at 18%. The entire balance is due on August 1, 2004. On
December 17, 2003, HAT signed a note with Universal Lease and Finance
Corporation for a short-term loan of $237,000 which bears interest at 3% per
week and has a maturity date of January 17, 2004.

8.  DUE TO FACTOR

As of December 31, 2003, the Company had placed invoices belonging to a single
customer, in full recourse financing. The debt is secured by the Company's
accounts receivable due from that customer, and bears interest at a rate of 42%
to 52% per annum. The total amount of invoices placed is $2,535,317.13 on which
the factor advanced $1,883,163.70. At December 31, 2003, the customer had made
payments totaling $1,653,873.12; leaving a balance due to the factor of
$229,290.58, payable by the customer. The customer is currently paying the
interest under this factoring arrangement. Interest due to the factor at
December 21, 2003 was $23,582.16.

9. RELATED PARTY TRANSACTIONS

Hamilton Aviation, Inc.

On April 15, 2002, Hamilton Aerospace entered into a Sale of Assets Agreement
with Hamilton Aviation, a privately held Arizona corporation. The agreement
contemplated the purchase by Hamilton Aerospace of substantially all of Hamilton
Aviation's equipment and inventory used in its aircraft maintenance, repair and
modification services business. Under the terms of this agreement, the closing
date was to be not later than July 15, 2002.

Also on April 15, 2002, Hamilton Aerospace entered into a Lease/Purchase
Agreement with Hamilton Aviation for the same assets that were included in the
Sale of Assets Agreement. Under the Lease/ Purchase Agreement, these assets
would be leased for a term of three (3) years or until the Sale of Assets
Agreement closed, at which time, all asserts would transfer to Hamilton
Aviation. The Lease / Purchase Agreement provided for payments in the amount of
$8,000 per month to Hamilton Aviation through April 15, 2005. Provided that the
Sale of Assets Agreement did not close by the expiration of Lease /Purchase
Agreement, title of all assets covered under the Lease / Purchase Agreement
would pass from Hamilton Aviation to Hamilton Aerospace upon expiration of the
Lease/Purchase Agreement.

<PAGE>


On May 9, 2002, Hamilton Aviation filed for protection under Chapter 11 of the
United States Bankruptcy Code. Since that time the Sale of Assets Agreement
between Hamilton Aviation and Hamilton Aerospace lapsed and accordingly, the
Company continued to operate under the Lease/Purchase Agreement. Accordingly,
the Company entered into negotiations with the trustee for Hamilton Aviation to
re-negotiate the terms of the Lease/Purchase Agreement so as to convert it to an
operating lease. A new month-to-month lease was negotiated with payments of
$8000 per month.

On February 10, 2003, the judge presiding over the Chapter 11 Bankruptcy of
Hamilton Aviation approved a Sale of Assets Agreement between Hamilton Aviation
and HAT. The agreement was for a purchase price of $1.5 million, with a down
payment in the amount of $300,000. The balance was payable monthly at 6 1/2%
interest. Because the original agreement to purchase Hamilton Aviation were
negotiated prior to Hamilton Aviation's petition for bankruptcy, HAT elected to
renegotiate a new agreement that better reflected the scope of the current
transaction in light of the current market. The new agreement covers sale of a
portion of Hamilton Aviation's physical assets and has a reduced payoff clause,
which states that $1 million will be considered full payment, providing HAT
satisfies said agreement according to its terms. At December 31, 2003
negotiations on the new agreement were ongoing.

10. CONTRACTS IN PROGRESS

At December 31, 2003, costs and estimated earnings in excess of billings and
billings in excess of costs and estimated earnings on uncompleted contracts
consist of the following:

                                             2002                    2003
                                         ----------               ----------
Costs incurred on uncompleted            $   93,693            $  152,225
contracts
-------------------------------------- ----------------------- ----------------
Profit earned to date                        65,113               193,741
-------------------------------------- ----------------------- -----------------
                                       -------------           ----------
-------------------------------------- ----------------------- -----------------
                                         $  158,823            $ 345,966
-------------------------------------- ----------------------- -----------------
   Less: Billings to date                  (266,988)             (719,000)
-------------------------------------- ----------------------- -----------------
                                       -------------           ----------
-------------------------------------- ----------------------- -----------------
                                         ($ 108,165)           ($ 373,034)
-------------------------------------- ----------------------- -----------------
                                       ============            ==========
--------------------------------------------------------------------------------
Included in the accompanying balance sheet at December 31, 2002 and 2003 under
the following caption:



Billings in excess of costs and estimated earnings on uncompleted contracts

                                            2002                        2003
                                         ----------                  ---------
Billings in excess from above            $  108,165                  $ 373,034
-------------------------------------- ----------------------------------- -----
Time and material earnings unbilled         (34,813)                   (49,348)
-------------------------------------- ----------------------------------- -----
                                       -------------             -------------
-------------------------------------- ----------------------------------- -----
                         Net             $   73,351                  $ 323,686
--------------------------------------- ----------------------------------- ----
                                       ============                  =========
-------------------------------------- ----------------------------------- -----

Billings in excess are the result of amounts due from customers under
contractual terms, which can be, in some cases, in advance of actual work
performed.

<PAGE>


11. TRADE ACCOUNTS RECEIVABLE

As of December 31, 2002 and December 31, 2003, trade accounts receivable consist
of the following:

       -------------------------- ----------------- ----------------
                                       2002         2003
        -------------------------- ----------------- ----------------
       Contracts in progress      $  197,811        $   487,390
       -------------------------- ----------------- ----------------
       Completed contracts           555,663          1,195,040
        -------------------------- ----------------- ----------------
                                  $  753,474         $1,682,430
       -------------------------- ----------------- ----------------

       -------------------------- ----------------- ----------------
       Less: allowance for
       doubtful accounts          0                      10,372
       -------------------------- ----------------- ----------------

                                  $  753,474        $ 1,672,058
       -------------------------- ----------------- ----------------


12. MANAGEMENT COMPENSATION

The Board of Directors determined that it would be in the best interest of the
Company to enter into employment agreements with its executive officers, Ian
Herman and John B. Sawyer. Included in the terms of each employment agreement is
a grant of 2,500,000 shares of common stock each to Messrs. Herman and Sawyer.
The shares are subject to vesting. The employment agreements were approved by
owners of the majority of the outstanding shares of the Company's common stock
as of July 29, 2003. Details of these employment agreements can be found in Form
8-K filed September 11, 2003.

Compensation paid in 2002 and 2003 by the Company to executive officers:
<TABLE>
<CAPTION>

                                     2002                     2003                  2002                 2003
 --------------------------------------------------------------------------------------------------------------

 Salaries paid:
<S>                                                                              <C>                   <C>
    Ian Herman                  Chairman                  Chairman               $75,241               $109,717

    Ronald Clark                Director*                 Director*              $75,241               $ 28,766

    John Sawyer                 Director/                 Director/
                                President Of HAT          President of HAT       $88,311               $142,159

    Gordon Hamilton                                       Director                                     $ 33,518
                                                         (9/01/03)/Director
                                                          of Public Relations
                                                          and Regulatory
                                                          Compliance for HAT

 Stock & Options awarded to
 executive officers:

    Ian Herman, Chairman        Chairman                  Chairman               200,000               500,000
                                                                                 shares of             shares of
                                                                                 common stock          common stock
                                                                                 and options           2,000,000 of
                                                                                 to purchase           common stock
                                                                                 40,000                voting
                                                                                                       rights**

    Ronald Clark, Director      Director*                 Director*              250,000
                                                                                 shares of
                                                                                 common stock

    John Sawyer, Director       Director/ President       Director/              400,000               500,000
                                Of HAT                    President of HAT       shares of             shares of
                                                                                 common stock          common stock
                                                                                                       2,000,000 of
                                                                                                       common stock
                                                                                                       voting
                                                                                                       rights **
<PAGE>

Stock & Options awarded to
HAT executive officers:

    Alan Abate                  Senior Vice                                                            60,000 shares
                                President of                                                           of common
                                Administration                                                         stock
                                of HAT

    Patricia Graham             Chief                                                                  60,000 shares
                                Financial                                                              of common
                                Officer of HAT                                                         stock

    Philip Watkins              Vice President                                                         60,000 shares
                                of Maintenance                                                         of common
                                for HAT                                                                stock
</TABLE>


 *  Resigned as Director on April
 10, 2003
 ** See 8-K filing dated 9/11/2003

13. INCOME TAXES

The Company had no current State or Federal income tax expense for the years
ended December 31, 2002 and December 31, 2003.

Deferred tax assets and liabilities are determined based on the difference
between currently enacted tax rates. Deferred tax expense or benefit is the
result of the changes in deferred tax assets and liabilities.

Deferred income taxes arise principally from the temporary differences between
financial statement and income tax recognition of net operating losses.

The components of deferred taxes at December 31, 2002 and December 31, 2003 in
the accompanying balance sheet is summarized below:

 ------------------------------------ -------------------- -------------------
                                             2002                  2003
 ------------------------------------ -------------------- -------------------
 Net operating loss                      900,000                1,400,000
 carryforward
 ------------------------------------ -------------------- -------------------
    Less valuation allowance            (900,000)              (1,400,000)
 ------------------------------------ -------------------- -------------------
                                      ------------             ----------
 ------------------------------------ -------------------- -------------------
 Deferred tax asset - net             ------------             ----------
 ------------------------------------ -------------------- -------------------

At December 31, 2003, the Company has approximately $3,800,000 of unused Federal
net operating loss carryforwards, which expire in the year 2020.

14. GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming
the Company will continue as a going concern. The Company has incurred losses
since acquiring Hamilton Aerospace in May of 2002. The Company requires and is
currently pursuing additional capital for growth and strategic plan
implementation.

15. SUBSEQUENT EVENTS

On March 26, 2004, the agreement with American Capital Ventures, LLC was further
amended. The agreement now calls for the repayment of $354,375.00 at an interest
rate of 1.5% per month on the unpaid balance. The amended agreement calls for
principal payments for half of the unpaid balance and a final payment of
$176,146.87. There is no expectation by the Company that any further borrowings,
as were mentioned above, will take place under this agreement.

On March 18, 2004, the Company received the certificates for 250,000 shares of
common stock that were covered by the Ronald Clark mediated agreement as well as
a bill of sale for the consignment inventory that was also part of the
transaction.